[70YB Long funding operating lease: extension of term of lease]
Capital Allowances Act 2001 (2001 c 2) | Legislation

[70YB  Long funding operating lease: extension of term of lease]

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

(a)     a person is lessor or lessee under a long funding operating lease (the “existing lease”),

(b)     an event occurs which has the effect of extending the term of the lease (whether by variation of the provisions of the lease, the grant or exercise of an option or in any other way), and

(c)     the event is not one by reason of which, within the meaning of section 70YA, the accountancy classification of the lease as an operating lease changes in the relevant accounts.

(2)     For this purpose

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