Section 228M Other definitions for the purposes of s 228K
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Amendments
Section 228M inserted by FA 2006 section 84(3) with effect in relation to any disposal made on or after 5 December 2005. However, any rentals that are receivable by the lessor before 22 March 2006 are to be left out of account in calculating the income of the lessor's leasing business for corporation tax purposes.
(1) This section applies for the purposes of section 228K.
(2) “Business of leasing plant or machinery”—
(a) has the same meaning as in Part 2 of Schedule 10 to FA 2006 (sale etc of lessor companies etc) (if the business is carried on otherwise than in partnership), or
(b) has the same meaning as in Part 3 of that Schedule (if the business is carried on in partnership).
(3) “Lease” includes—
(a) an underlease, sublease, tenancy or licence, and
(b) an agreement for any of those things.
(4) “Relevant plant or machinery”, in relation to a business of leasing plant or machinery, means plant or machinery on whose provision expenditure is incurred wholly or partly for the purposes of the business.
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