[148D Lessor under long funding operating lease: periodic deduction]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[Lessors under long funding operating leases]

[148D  Lessor under long funding operating lease: periodic deduction]

[(1)     This section applies for the purpose of calculating the profits of a person carrying on a trade in a period of account—

(a)     for the whole of which, or

(b)     for any part of which,

the person is the lessor of any plant or machinery under a long funding operating lease.

(2)     A deduction is allowed in calculating the profits of the person for the period of account.

(3)     The amount of the deduction for any period of account is determined as follows.

(4)     First, find the “relevant value” for the purposes of subsection (6)(a), which is—

(a)     if the only use of the plant or machinery by the lessor has been the leasing of it under the long funding operating lease as a qualifying activity, cost;

(b)     if the last previous use of the plant or machinery

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