Capital Allowances Act 2001 section 228M

Other definitions for the purposes of s 228K

Section 228M provides key definitions used in section 228K, which deals with the disposal of leased plant or machinery where income is retained.

• A "business of leasing plant or machinery" takes its meaning from corporation tax legislation, with separate definitions depending on whether the business is carried on in partnership or otherwise.
• "Lease" is defined broadly to include underleases, subleases, tenancies, licences, and agreements for any of these arrangements.
• "Relevant plant or machinery" means plant or machinery where expenditure on its provision is incurred wholly or partly for the purposes of the leasing business.
• These definitions ensure consistent interpretation of the anti-avoidance rules in section 228K concerning disposals of leased assets.