Section 614BY — Income Tax Act 2007: Post-25 November 1996 schemes to which Chapter 3 applied first

Post-25 November 1996 schemes to which Chapter 3 applied first 614BY 1 This section applies if—

a the conditions in section 614BC become met in the case of the lease of the asset, and b immediately before those conditions become met, Chapter 3 applied.

2 Subsection (3) applies for the purpose of determining—

a the cumulative accountancy rental excess for any period of account ending after those conditions become met, or b the cumulative normal rental excess for any such period.

3 This Part has effect as if this Chapter had applied in relation to the lease at any time when Chapter 3 applied in relation to it.

4 If at any time the person who was the lessor at that time was a person within the charge to corporation tax on income—

a the reference in subsection (1)(a) to the conditions in section 614BC becoming met at that time includes a reference to the conditions in section 902 of CTA 2010 becoming so met, b the reference in subsection (1)(b) to Chapter 3 applying immediately before that time includes a reference to Chapter 3 of Part 21 of that Act so applying, and c the reference in subsection (3) to Chapter 3 applying at that time includes a reference to Chapter 3 of that Part so applying.