Statute
Section 362 — Corporation Tax Act 2010: Lessor under long funding finance lease making termination payment
Text of the provision Official document
Lessor under long funding finance lease making termination payment 362 1 This section applies if—
a a company is or has been the lessor under a long funding finance lease, b the lease terminates, and c a sum calculated by reference to the termination value is paid to the lessee.
2 No deduction in respect of the sum is allowed in calculating the profits of the company for corporation tax purposes.
3 This section does not prevent a deduction in respect of a sum so far as it is brought into account in determining the company's rental earnings.
4 For the meaning of “termination value”, see section 381(3)(m).
Official source: legislation.gov.uk
There are no decisions in our collection citing this provision yet. As new judgments are published, they will appear here.
Search case law on this topic
See judgments from UK courts and tribunals with a plain-English summary and legal holding.
Explore case law →