Search Legislation

The Long Funding Leases (Elections) Regulations 2007

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Eligible leases

This section has no associated Explanatory Memorandum

3.  An eligible lease is one which meets the following conditions.

  • Condition A

    The lease is a plant or machinery lease.

  • Condition B

    The lease is not, apart from the provisions of these Regulations, a long funding lease.

  • Condition C

    The lease was finalised, as defined in paragraph 23 of Schedule 8 of the Finance Act 2006, on or after 1 April 2006.

  • Condition D

    The term of the lease is 12 months or more.

  • Condition E

    The plant or machinery made available under the lease —

    (a)

    was unused and not second-hand at the commencement of the term of the lease;

    (b)

    if leased previously, was last leased under a long funding lease (under the provisions of Part 2 of CAA or pursuant to these Regulations) before the commencement of the term of the lease;

    (c)

    was the subject of a valid election under section 227 of CAA before the electing lessor made a return for the period in which the commencement of the term of the lease occurred; or

    (d)

    replaces (whether by one or more substitutions) plant or machinery of the same type and quantity previously made available by the electing lessor to the lessee under a lease which is an eligible lease by virtue of one of the preceding paragraphs of this condition.

  • Condition F

    The lease is not a lease for the provision of a car as defined in section 81 of CAA.

  • Condition G

    The lease does not provide for the leasing of any asset whose market value is more than £10 million at its commencement.

  • Condition H

    The lease is not one to which section 70R or section 70U of CAA applies.

  • Condition I

    If the original lessor’s interest under the lease has been assigned—

    (a)

    the assignment, or where there is more than one assignment, both or all of them, must have occurred within 4 months of the commencement of the term of the lease; and

    (b)

    the original lessor, and any person later owning the leased assets and through whom the lessor making the long funding lease election derives title to them, must not claim, or have claimed, capital allowances at any time in respect of those assets.

Back to top

Options/Help

Print Options

Close

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.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

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
Close

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 made 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