Section 148FB — Finance Act 2008: Cases where ss. 148A to 148F do not apply: lessor also lessee under non-long funding lease

Cases where ss. 148A to 148F do not apply: lessor also lessee under non-long funding lease 148FB 1 This section applies if—

a a person is the lessee of any plant or machinery under a lease (“lease A”) that is not a long funding lease, b the person enters into a lease (“lease B”) of any of that plant or machinery (as lessor),

and c lease B is a long funding lease.

2 Sections 148A to 148F do not apply in relation to lease B.

3 If by virtue of section 70H of CAA 2001 (tax return by lessee treating lease as long funding lease) lease A becomes a long funding lease (and does not cease to be such a lease), treat this section as never having applied in relation to lease B.