SolvedBLM20025 | Defining long funding leases: introduction list of legislation in CTA2010, ITTOIA 2005 and ICTA1988
From HM Revenue & Customs · Business Leasing Manual
| CTA 2010 | ITTOIA 2005 | ICTA 1988 (Historic) | |
|---|---|---|---|
| LFFL: Lessor : rental earnings | S360 | S148A | S502B |
| LFFL: lessor: exceptional items | S361 | S148B | S502C |
| LFFL: Lessor: termination payment | S362 | S148C | S502D |
| LFOL: Lessor: periodic deduction | S363 | S148D | S502E |
| “Starting value”: general | S364 | S148DA | - |
| “Starting value”: p&m originally unqualifying | S365 | S148DB | - |
| LFOL: Lessor: additional expenditure by | SS366-368 | S148E | S502F |
| LFOL: Lessor: termination of lease | S369 | S148F | S502G |
| P&M held as trading stock | SS370-371 | S148FA | S502GA |
| Lessor also lessee under non-LFL | S372 | S148FB | S502GB |
| Other Avoidance | SS373-375 | S148FC | S502GC |
| Films | S376 | S148FD | S502GD |
| Insurance company as lessor | - | - | S502H |
| LFFL: Lessee: limit on deduction | S377 | S148G | S502I |
| LFFL: Lessee: termination | S378 | S148H | S502J |
| LFOL: Lessee | SS379-380 | S148I | S502K |
| Interpretation | S381 | S148J | S502L |
Notes:
Section 502H ICTA 1988 (Insurance company as lessor) repealed from 1 April 2008.
LFFL = Long Funding Finance Lease
LFOL = Long Funding Operating Lease
LFL = Long Finding Lease