SCHEDULE 22 Avoidance Involving Financial Arrangements
Finance Act 2008 (2008 c 9) | Legislation

SCHEDULE 22 Avoidance Involving Financial Arrangements

Section 62

Rent factoring of leases of plant or machinery

1

(1)     Section 785A of ICTA (rent factoring of leases of plant or machinery) is amended as follows.

(2)     In subsection (1), omit paragraph (d).

(3)     In subsection (2)—

(a)     for “relevant portion of the consideration†substitute “market value of the rights transferredâ€, and

(b)     for “in a period of account to the extent that it is receivable in that period of account†substitute “at the time of the transferâ€.

(4)     After that subsection insert—

“(2A)     But subsection (2) does not apply if and to the extent that any of the market value of the rights transferred is (apart from this section) brought into account—

(a)     as income, or

(b)     as a capital allowances disposal receipt.â€

(5)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Novation—why and how to novate a contract

Novation—why and how to novate a contractThere may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the

LEXISNEXIS

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is

How are the post-employment notice pay (PENP) provisions applied in circumstances where the employee is (a) on long-term sickness absence and has exhausted his entitlement to sick pay, or (b) has been dismissed summarily without notice?The amendments to sections 402 to 404 of the Income Tax

LEXISNEXIS

Notice to complete

While this Practice Note primarily covers commercial property matters, it also touches on residential considerations.Time is generally not of the essence for completion of a contract for the sale of land. If the seller or the buyer delays completion, the defaulting party will be liable in damages

LEXISNEXIS

Option agreements—the need for a long-stop date

Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited