Taxation (International and Other Provisions) Act 2010 section 367

Leasing arrangements: finance leases and loans

Section 367 introduces Schedule 3, which inserts new provisions into both the Income Tax Act 2007 and the Taxation of Chargeable Gains Act 1992 dealing with the tax treatment of finance leases and loans within leasing arrangements.

• This section acts as an introductory provision, giving effect to Schedule 3 of the Act
• Schedule 3 inserts a new Part 11A into the Income Tax Act 2007, which deals specifically with the income tax treatment of leasing arrangements involving finance leases and loans
• Schedule 3 also inserts a new section 37A into the Taxation of Chargeable Gains Act 1992, which addresses how disposal consideration is calculated for certain leases
• The substantive rules governing these leasing arrangements are contained within Schedule 3 itself, rather than in this section