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Taxation (International and Other Provisions) Act 2010 Schedule 3 Part 1
Leasing arrangements: finance leases and loans (Part 11A of ITA 2007)
Schedule 3 Part 1 (paragraphs 1–5) inserts a new Part 11A into the Income Tax Act 2007, establishing a comprehensive regime for taxing lessors on the accounting return from finance lease arrangements rather than on the contractual rent alone, and for clawing back capital allowances when a major lump sum is paid.
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