Taxation (International and Other Provisions) Act 2010 section 230–239

Leasing arrangements: finance leases and loans — consequential amendments

Sections 230 to 239 make consequential amendments to several existing tax Acts in order to relocate and consolidate the rules on finance leases and loans into a new Part 11A of the Income Tax Act 2007.

• The Taxation of Chargeable Gains Act 1992 is amended to add a cross-reference to new rules on consideration received on disposal of certain leases.
• The original finance lease and loan provisions in Finance Act 1997 (section 82 and most of Schedule 12) are repealed, as they have been rewritten into the Income Tax Act 2007.
• The Capital Allowances Act 2001 is updated so that references to the old Finance Act 1997 provisions now point to the equivalent new section 614BS of the Income Tax Act 2007, covering disposal receipts for plant and machinery, mineral extraction, and patent allowances.
• The Income Tax Act 2007 is amended to include a new Part 11A dealing with leasing arrangements involving finance leases or loans, together with a comprehensive index of defined expressions used throughout that new Part.

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