Section 70Y | Sale and leaseback, lease and leaseback etc: lessors ^F1

(1)Where—^F1

(a)a person (B) transfers plant or machinery to another person (A),^F1

(b)the plant or machinery is directly or indirectly leased back to B, and^F1

(c)immediately before the commencement of the term of the lease back to B, B is the lessor of the plant or machinery to another person under a lease which is, in B's case, a long funding lease,^F1

the lease back to B is, in the case of both A and B, a long funding lease.

(2)If, in any such case, the plant or machinery is leased back from A to B indirectly, any leases by means of which the indirect lease back from A to B is effected are also long funding leases in the case of each of the parties to them.^F1

(3)Any reference in this section to a transfer of plant or machinery by a person includes a reference to—^F1

(a)any kind of disposal of, or of the person's interest in, the plant or machinery (including the grant of a lease),^F1

(b)any arrangements under which the person's interest in the plant or machinery is terminated and another person becomes entitled to, or to an interest in, the plant or machinery,^F1

(c)in a case where the plant or machinery is a fixture and the person is treated under section 176 as the owner, any cessation of ownership under section 188, 190, 191, 192 or 192A.^F1