Taxation (International and Other Provisions) Act 2010 Schedule 10 Part 8

Leasing arrangements: finance leases and loans

Schedule 10 Part 8 lists the repeals of earlier legislation that have been replaced by the consolidated provisions in the Taxation (International and Other Provisions) Act 2010 dealing with leasing arrangements, finance leases and loans.

• Part 8 of Schedule 10 sets out the specific earlier legislative provisions that are repealed as a consequence of the 2010 Act's consolidation of the rules on finance leases and loans.
• The repeals affect provisions originally spread across multiple Acts from 1997 to 2009, including the Finance Acts of 1997, 1998, 2002, 2006 and 2008, the Capital Allowances Act 2001, the Income Tax (Trading and Other Income) Act 2005 and the Corporation Tax Act 2009.
• The principal repeal is of section 82 and large parts of Schedule 12 of the Finance Act 1997, which contained the original legislation governing the tax treatment of finance leases and loans.
• The remaining repeals cover consequential amendments and updates made to the 1997 provisions by later Acts, all of which are now superseded by the consolidated rules in the 2010 Act.