Corporation Tax Act 2010 section 437

Interpretation of the sales of lessors Chapters

Section 437 defines the key terms used throughout the sales of lessors Chapters, covering concepts such as finance leases, fixtures, long funding leases, and property businesses.

• A "company" means a body corporate, and a "finance lease" is one that under generally accepted accounting practice is treated as a finance lease or loan in a person's accounts, or would be so treated for a lessee under a right-of-use lease
• A "fixture" is any plant or machinery installed or fixed in or to a building or land so as to become part of it in law, and includes boilers or water-filled radiators forming part of a heating system
• Terms such as "long funding finance lease", "long funding lease", "long funding operating lease", "right-of-use lease", "plant or machinery", and "plant or machinery lease" all take their meanings from Part 2 of the Capital Allowances Act 2001
• A "property business" means either a UK property business or an overseas property business, and an "excluded lease of background plant or machinery for a building" has the meaning given in the Capital Allowances Act 2001