[70YA Change in accountancy classification of long funding lease]
Capital Allowances Act 2001 (2001 c 2) | Legislation

[70YA  Change in accountancy classification of long funding lease]

[(1)     This section applies in any case where—

(a)     a person is lessor or lessee under a long funding lease, and

(b)     at any time after the inception of the lease, the accountancy classification of the lease as a finance lease[, an operating lease or a right-of-use lease] changes in the relevant accounts.

(2)     The person is to be treated as if—

(a)     the lease had terminated immediately before the time of the change,

(b)     another lease (the “new lease”) had been entered into immediately after the time of the change, and

(c)     the new lease were a long funding lease in the case of the lessor.

(3)     The person is also to be treated as if the date on which the change occurs were the date of both—

(a)     the inception of the new lease, and

(b)     the commencement

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