Section 437 — Corporation Tax Act 2010: Interpretation of the sales of lessors Chapters

Interpretation of the sales of lessors Chapters 437 1 This section applies for the purposes of the sales of lessors Chapters. 2 “ Company ” means a body corporate. 3 “ Excluded lease of background plant or machinery for a building ” has the meaning given in Chapter 6A of Part 2 of CAA 2001 (see section 70R of that Act). 4 “Finance lease” means—

a in relation to any person, a lease that, in accordance with generally accepted accounting practice, falls (or would fall) to be treated in the accounts of that person as a finance lease or loan, or b in relation to a lessee under a right-of-use lease, a lease that would fall to be treated in the accounts of the lessee as a finance lease if the lessee were required under generally accepted accounting practice to determine whether the lease falls to be so treated. 5 “Fixture”—

a means any plant or machinery that is so installed or otherwise fixed in or to a building or other description of land as to become, in law, part of that building or other land, and b includes any boiler or water-filled radiator installed in a building as part of a space or water heating system. 6 “ Long funding finance lease ”, “ long funding lease ” , “long funding operating lease” and “right-of-use lease” have the meanings given in Part 2 of CAA 2001 (see section 70YI(1) of that Act). 7 “ Plant or machinery ” has the same meaning as in Part 2 of CAA 2001. 8 “ Plant or machinery lease ” has the meaning given in Chapter 6A of that Part (see section 70YI(1) of that Act). 8A Property business” means a UK property business or an overseas property business. 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .