- Latest available (Revised)
- Original (As enacted)
Taxation (International and Other Provisions) Act 2010
You are here:
What Version
Advanced Features
Opening Options
More Resources
Status:
This is the original version (as it was originally enacted).
Part 8Leasing arrangements: finance leases and loans
Taxation of Chargeable Gains Act 1992 (c. 12)
230The Taxation of Chargeable Gains Act 1992 is amended as follows.
231In section 37 (consideration chargeable to tax on income) at the end of subsection (2) add—
“See also section 37A(4) and (5) (consideration on disposal of certain leases).”
Finance Act 1997 (c. 16)
232(1)FA 1997 is amended as follows.
(2)Omit section 82 (finance leases and loans).
(3)In Schedule 12 (leasing arrangements: finance leases and loans) omit paragraphs 1 to 7, 9 to 17 and 20 to 30.
Capital Allowances Act 2001 (c. 2)
233The Capital Allowances Act 2001 is amended as follows.
234In section 60(1)(c) (meaning of “disposal receipt”) for “paragraph 11” to “sum)” substitute “section 614BS of ITA 2007”.
235In section 420(b) (meaning of “disposal receipt”) for “paragraph 11” to “sum)” substitute “section 614BS of ITA 2007”.
236In section 476(1)(b) (disposal value of patent rights) for “paragraph 11” to “sum)” substitute “section 614BS of ITA 2007”.
Income Tax Act 2007 (c. 3)
237The Income Tax Act 2007 is amended as follows.
238In section 2 (overview of Act) after subsection (11) insert—
“(11A)Part 11A is about leasing arrangements involving finance leases or loans.”
239In Schedule 4 (index of defined expressions) at the appropriate places insert—
| “accountancy rental earnings (in Part 11A) | section 614AB(1)” |
| “accountancy rental excess (in Chapter 2 of Part 11A) | section 614BH(1) to (4)” |
| “accountancy rental excess (in Chapter 3 of Part 11A) | section 614BH(1) to (4), as it has effect as a result of section 614CD” |
| “asset (in Part 11A) | section 614DG” |
| “asset representing the leased asset (in Part 11A) | section 614DD” |
| “cumulative accountancy rental excess (in Chapter 2 of Part 11A) | section 614BH(5)” |
| “cumulative accountancy rental excess (in Chapter 3 of Part 11A) | section 614BH(5), as it has effect as a result of section 614CD” |
| “cumulative normal rental excess (in Chapter 2 of Part 11A) | section 614BJ(5)” |
| “cumulative normal rental excess (in Chapter 3 of Part 11A) | section 614BJ(5), as it has effect as a result of section 614CD” |
| “the current lessor (in Part 11A) | section 614DG” |
| “finance lessor (in Part 11A) | section 614DG” |
| “for accounting purposes (in Part 11A) | section 614DG” |
| “lease (in Part 11A) | section 614DG” |
| “the leasing arrangements (in Part 11A) | section 614DG” |
| “the lessee (in Part 11A) | section 614DG” |
| “the lessor (in Part 11A) | section 614DG” |
| “major lump sum (in Part 11A) | section 614BC(5)” |
| “normal rent (in Part 11A) | section 614AA” |
| “normal rental excess (in Chapter 2 of Part 11A) | section 614BJ(1) to (4)” |
| “normal rental excess (in Chapter 3 of Part 11A) | section 614BJ(1) to (4), as it has effect as a result of section 614CD” |
| “pay (in Part 11A) | section 614DG” |
| “period of account (in Part 11A) | section 614DB(1) to (3)” |
| “post-25 November 1996 scheme (in Part 11A) | section 614D(1)(b)” |
| “pre-26 November 1996 scheme (in Part 11A) | section 614D(1)(a)” |
| “related period of account (in Part 11A) | section 614DB(5)” |
| “related tax year (in Part 11A) | section 614DB(4)” |
| “rent (in Part 11A) | section 614DG” |
| “the rental earnings (in Part 11A) | section 614AC” |
| “sum (in Part 11A) | section 614DG” |
Options/Help
Print Options
PrintThe Whole Act
PrintThe Whole Schedule
PrintThis Part only
You have chosen to open The Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Act as a PDF
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open The Whole Schedule
The Whole Schedule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open The Whole Schedule as a PDF
The Whole Schedule you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
You have chosen to open the Whole Act
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open the Whole Act without Schedules
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
You have chosen to open Schedules only
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Notes
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.