Section CH 6 — Income Tax Act 2007: Adjustments for certain finance and operating leases

CH 6 Adjustments for certain finance and operating leases When this section applies (1) This section applies when an adjustment is made under section FA 11 or FA 11B (which relate to adjustments for leases that become finance leases and certain operating leases). Income: leases that become finance leases (2) The amount of a positive adjustment under section FA 11 is income of the lessor or the lessee, as applicable, in the income year in which the lease becomes a finance lease. Income: operating leases entered into before 20 June 2007 (3) The amount of the adjustment under section FA 11B is income of the lessor in the income year after the income year in which 20 June 2007 falls. Defined in this Act: amount , finance lease , income , income year , lease , operating lease Compare: 2004 No 35 ss FC 8H(6) , FC 8I(6) Section CH 6: substituted, on 1 April 2008, by section 321 of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).