Taxation (International and Other Provisions) Act 2010 Schedule 10 Part 9

Sale and lease-back etc.

Schedule 10 Part 9 lists the earlier legislative provisions that are repealed or revoked as a consequence of the sale and lease-back rules being rewritten and consolidated into the Taxation (International and Other Provisions) Act 2010.

• The original sale and lease-back provisions in sections 779 to 785 of the Income and Corporation Taxes Act 1988 (together with section 24 of that Act) are repealed, as these rules have been rewritten into the 2010 Act.
• Consequential amendments that had been made to the 1988 Act provisions by later Finance Acts, the Capital Allowances Act 2001, the Income Tax (Earnings and Pensions) Act 2003, and various statutory instruments are also revoked, since the provisions they amended no longer exist.
• Amendments made to the repealed provisions by the Income Tax (Trading and Other Income) Act 2005, the Income Tax Act 2007, and the Corporation Tax Act 2009 are similarly swept away as part of the consolidation.
• The repeals cover not only the core sale and lease-back rules but also all cross-referencing provisions, definitional entries, and transitional amendments spread across more than a dozen pieces of primary and secondary legislation enacted between 1988 and 2009.