BLM24050 - Defining long funding leases: election: eligible leases: General (SI2007/304 regulation 3)

An eligible lease is a lease that meets all of the following conditions.

1. The lease must be a plant or machinery lease, see BLM20130.
2. The lease must not already be a long funding lease.
3. The lease must be finalised, as defined in FA06/Sch8/Para23, on or after 1 April 2006 BLM24055.
4. The term of the lease must be at least 12 months BLM24060.
5. The plant or machinery made available under the lease must be new or meet the conditions set out at BLM24035.
6. The leased asset must not be a car as defined in CAA01/S81 CA23510.
7. The lease must not include the possibility of leasing an asset with a market value of more than £10m BLM24080.
8. The lease must not be a lease of background plant or machinery or be a lease of plant or machinery leased with land where the plant or machinery has a low value when compared with the value of the land BLM24045.
9. If the lease has been assigned from another lessor it must meet the conditions in BLM24090.