Section 178 | Equipment lessee has qualifying activity etc.

The conditions referred to in section 177(1)(a)(i) are that—

(a)the equipment lease is for the lease of the plant or machinery for the purposes of a qualifying activity which is, or is to be, carried on by the equipment lessee,

(b)if the equipment lessee had incurred the capital expenditure incurred by the equipment lessor on the provision of the plant or machinery that is the subject of the equipment lease, he would, as a result of section 176, have been entitled to an allowance in respect of it, and

(c)the equipment lease is not for the lease of the plant or machinery for use in a dwelling-house.