SCHEDULE 23 Finance Leasebacks: Transitional Provision
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 23 Finance Leasebacks: Transitional Provision

Section 134

Introduction

1

(1)     Sections 228B to 228E of the Capital Allowances Act 2001 (c 2) (as inserted by section 134) are subject to paragraphs 2 to 9 of this Schedule in their application in relation to existing leasebacks.

(2)     Paragraph 10 of this Schedule makes provision in relation to the taxation of chargeable gains where an existing leaseback terminates.

Section 228B

2

(1)     This paragraph applies if the pre-commencement rentals are greater than the total of the actual rental deductions for periods of account up to, but excluding, the transitional period of account.

(2)     Section 228B shall not apply in relation to—

(a)     the transitional period of account if the lessee's excess rentals are greater than the notional rental deduction for that period, or

(b)     a subsequent period of account if the unrelieved portion of the lessee's excess rentals is greater than the notional rental deduction for that period.

(3)     Section 228B is subject to sub-paragraph (4) in its application to—

(a)     the transitional period of account if the lessee's excess rentals are not greater than the notional rental deduction for that period, or

(b)     a subsequent

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