Section 899 — Corporation Tax Act 2010: Arrangements to which this Chapter applies

Arrangements to which this Chapter applies 899 1 This Chapter applies to arrangements involving the lease of an asset that meet conditions A and B.

2 Condition A is that in accordance with generally accepted accounting practice the arrangements fall to be treated as a finance lease or loan.

3 Condition B is that the effect of the arrangements is that some or all of the return on investment in respect of the finance lease or loan—

a is or may be in the form of a sum that is not rent, and b would not, apart from this Part and Part 11A of ITA 2007, be wholly brought into account for tax purposes as rent from the lease of the asset.

4 It does not matter—

a when the arrangements are or have been entered into, or b whether they are or have been entered into by companies or other persons.