BLM41070 | Taxation of long funding leases: Long funding lessors: Anti-Avoidance provisions - S376 CTA 2010

S376 prevents sections s360 to s369 from applying to restrict the taxable income on a long funding lease to the finance charge element (and give certain deduction against such income), where a company is, or has been, a lessor under a long funding lease of a film. It aims to tax the rentals received under long funding leases of films in full. The equivalent provision for Income Tax purposes is at ITTOIA05/S148FD

For accounting periods ending before 1 April 2010

This legislation was previously located at s.502GD ICTA 88 and stopped the application of S502B to S502G ICTA 88. It was effective for rents that are receivable on or after 13 November 2008 and which relate to periods of time beginning on or after that date