[70C Long funding finance lease: amount of capital expenditure]
Capital Allowances Act 2001 (2001 c 2) | Legislation

[70C  Long funding finance lease: amount of capital expenditure]

[(1)     This section has effect by virtue of section 70A(7) for the purpose of determining the amount of the capital expenditure in the case of a long funding finance lease.

(2)     If the lease is one which, under generally accepted accounting practice, falls (or would fall) to be treated as a loan, this section applies as if the lease were one which, under generally accepted accounting practice, fell to be treated as a finance lease.

(3)     The amount of the capital expenditure is the total of—

(a)     commencement PVMLP (see subsection (4)), and

(b)     if subsection (6) applies, the unrelievable pre-commencement rentals (“UPR”),

but subject, in a case falling within subsection (7), to the restriction imposed by subsection (8).

(4)     Commencement PVMLP is the amount that would fall to be recognised as the present value, at the appropriate date, of the minimum lease payments (see section 70YE) if appropriate accounts were prepared by the person.

[(4A)     But where the minimum lease

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