95 Sale and lease-back
Finance Act 1999 (1999 c 16) | Legislation

95  Sale and lease-back

(1)     This section applies to a lease (“the lease in question”) of an asset (“the relevant asset”) where—

(a)     a person (“the seller”) who is a participator in an oil field (“the seller's oil field”) has made a disposal in a chargeable period of the relevant asset or an interest in it;

(b)     the relevant asset was a qualifying asset in relation to the seller and the seller's oil field is the chargeable field in relation to it;

(c)     the relevant asset is used in connection with an oil field (“the lessee's oil field”) by a participator in that field (“the lessee”) under the lease in question;

(d)     the seller, or a person connected with him at any time in the relevant period, is the lessee; and

(e)     the lessee uses the relevant asset before the end of the period of two years beginning with the disposal.

(2)     Subject to subsection (8) below, to the extent that the expenditure falling within subsection (3) below exceeds the amount of the cap, that expenditure shall not be allowable

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