Section 172A | Long funding leases etc: cases where this Chapter does not apply. ^F1

(1)This section applies where plant or machinery that is or becomes a fixture is the subject of a long funding lease (see Chapter 6A).

(2)This section also applies if, in any such case,—

(a)the lessee under the long funding lease is or becomes the lessor of some or all of the plant or machinery under a further lease, and

(b)the further lease is not itself a long funding lease within subsection (1).

(3)This Chapter does not apply to determine the entitlement of the lessor or the lessee (under either lease) to allowances under this Part in respect of expenditure on the plant or machinery.

(4)This Chapter does not apply to determine whether the lessor or the lessee (under either lease) is to be treated as the owner of the plant or machinery.