Capital Allowances Act 2001 section 360

Meaning of "lease" etc.

Section 360 defines the meaning of "lease" and related terms for the purposes of Part 3 of the Capital Allowances Act 2001, including how these terms apply in Scotland.

• "Lease" is defined broadly to include agreements for a lease (where the term has begun) and any tenancy, but explicitly excludes mortgages
• The terms "lessee", "lessor" and "leasehold interest" follow the same broad interpretation as "lease"
• In Scotland, "leasehold interest" means the interest of a tenant in property that is subject to a lease
• In Scotland, a reference to a reversionary interest on a lease is to be read as the landlord's interest in the property subject to that lease