Section 378 — Corporation Tax Act 2010: Lessee under long funding finance lease: termination

Lessee under long funding finance lease: termination 378 1 This section applies if—

a a company is or has been the lessee under a long funding finance lease, and b in connection with the termination of the lease, a payment calculated by reference to the termination value falls to be made to the company.

2 The payment is not to be brought into account in determining the profits of the company for any period of account for corporation tax purposes.

3 Subsection (2) does not affect the amount of any disposal value that falls to be brought into account by the company under CAA 2001.

4 For the meaning of “termination value”, see section 381(3)(m).