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(1)     After section 228 of the Capital Allowances Act 2001 (c 2) (sale and leaseback: election) insert—

“Finance leaseback: parties' income and profits

228A Application of sections 228B to 228E

(1)     Sections 228B to 228E apply where—

(2)     Sections 228B to 228D also apply, with the modifications set out in section 228F, where plant or machinery is the subject of a lease and finance leaseback (as defined in section 228F).

228B Lessee's income or profits: deductions

(1)     For the purpose of income tax or corporation tax, in calculating the lessee's income or profits for a period of account the amount deducted in respect of amounts payable under the leaseback may not exceed the permitted maximum.

(2)     The permitted maximum is the total of—

(3)     In relation to a period of account during which the leaseback