Explanatory Notes

Introduction

Part 9: Leasing plant or machinery

Chapter 4: Sales of lessors: leasing business carried on by a company in partnership

Section 427: No carry back of the expense

1284.This section prevents any loss which arises in the later accounting period which derives from the expense from being carried back against profits of any earlier accounting period under section 37(3)(b). It is based on paragraph 35 of Schedule 10 to FA 2006.