Corporation Tax Act 2010 section 929

Application of provisions of Chapter 2 for purposes of this Chapter

Section 929 applies the computational and adjustment rules from Chapter 2 (sections 906 to 916) so that they also work within the context of Chapter 3's treatment of other finance leases.

• The rules in sections 906 to 916 of Chapter 2 are imported and apply equally for the purposes of Chapter 3.
• These imported rules cover matters such as the reduction of taxable rent by cumulative rental excesses, the meaning of accountancy rental excess, and the treatment of lease assignments.
• Where sections 907(1) and 910(1)(a) refer to section 905 (the Chapter 2 rule for taxing the current lessor by reference to accountancy rental earnings), those references are read as references to section 928, which is the equivalent rule in Chapter 3.
• This cross-application avoids the need to restate identical computational provisions and ensures consistency between the two chapters.