[785A Rent factoring of leases of plant or machinery]
Income and Corporation Taxes Act 1988 (1988 c 1) | Legislation

[785A  Rent factoring of leases of plant or machinery]

[(1)     This section applies in any case where the following conditions are satisfied—

(a)     a person (call him “P”) is entitled to receive rentals under a lease of plant or machinery,

(b)     the rentals, so far as receivable by him, fall to be brought into account as income for the purpose of calculating his tax liability,

(c)     P enters into arrangements for the transfer of his right to receive some or all of the rentals to another person,

(d)     . . ..

(2)     In any such case, the [market value of the rights transferred]—

(a)     shall be treated for tax purposes as income of P,

(b)

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