Capital Allowances Act 2001 section 393W

Meaning of "lease" etc.

Section 393W defines the terms "lease", "lessee", "lessor" and related expressions as they are used within the long funding lease provisions of the Capital Allowances Act 2001.

• A "lease" is broadly defined to include any arrangements that give a right to use or control an asset, not just formal lease agreements
• "Lessee" and "lessor" are defined correspondingly, and references to leasing are to be read in line with the broad definition of a lease
• The definition encompasses licences, sub-leases, and any agreement or arrangement under which a person has the right to use an asset
• This section was amended by Finance Act 2012 to ensure consistent interpretation across the long funding lease rules