Taxation (International and Other Provisions) Act 2010 Schedule 8 Part 9

Sale and lease-back etc. (paragraphs 240–263)

Schedule 8 Part 9 makes consequential amendments across multiple Acts to reflect the rewrite of the sale and lease-back rules into the Corporation Tax Act 2010 and Part 12A of the Income Tax Act 2007.

• The old sale and lease-back provisions (sections 779–785 and section 24) of ICTA 1988 are repealed, having been rewritten into CTA 2010 and ITA 2007.
• Cross-references in other legislation — including the Broadcasting Act 1996, Greater London Authority Act 1999, Transport Act 2000, and Finance Act 1999 — are updated to point to the new provisions in CTA 2010 and ITA 2007 Part 12A.
• A new statutory definition of "hire-purchase agreement" is inserted into ITA 2007 (section 998A), covering agreements where goods are hired with periodic payments and ownership passes on exercise of an option, a specified act, or a specified event, but excluding conditional sale agreements.
• Supporting amendments are made to ITA 2007 and other Income Tax Acts to insert new defined expressions, update the index of definitions, and ensure the new sale and lease-back chapters are properly signposted throughout the legislation.

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