BLM20020 - Defining long funding leases: introduction: location of principal legislation
The principal rules for identifying and taxing long funding leases are located in
- sections 70A to 70YI CAA 2001
These sections define long funding leases and enable capital allowances to be claimed by long funding lessees. They also include machinery provisions concerned with the transfer of leases, extension of lease terms and various anti-avoidance provisions.
- sections 360 to 381 CTA 2010
These sections deal with the non capital allowance aspects of the regime for companies, principally dealing with the taxation of rental income and deductions for rentals payable.
- sections 148A to 148J ITTOIA 2005
These sections are the income tax equivalent of sections 360 to 381 CTA 2010.
- Part 4 of Schedule 8, FA 2006
Part 4 of Schedule 8 contains the transitional and commencement provisions. It also contains the power for the Treasury to make regulations allowing lessors to elect in to the long funding lease regime.