Section 437 | Interpretation of the sales of lessors Chapters

(1)This section applies for the purposes of the sales of lessors Chapters.

(2)“Company” means a body corporate.

(3)“Excluded lease of background plant or machinery for a building” has the meaning given in Chapter 6A of Part 2 of CAA 2001 (see section 70R of that Act).

(4)“Finance lease” means—^F1

(a)in relation to any person, a lease that, in accordance with generally accepted accounting practice, falls (or would fall) to be treated in the accounts of that person as a finance lease or loan, or^F1

(b)in relation to a lessee under a right-of-use lease, a lease that would fall to be treated in the accounts of the lessee as a finance lease if the lessee were required under generally accepted accounting practice to determine whether the lease falls to be so treated.^F1

(5)“Fixture”—

(a)means any plant or machinery that is so installed or otherwise fixed in or to a building or other description of land as to become, in law, part of that building or other land, and

(b)includes any boiler or water-filled radiator installed in a building as part of a space or water heating system.

(6)“Long funding finance lease”, “long funding lease”, “long funding operating lease” and “right-of-use lease” have the meanings given in Part 2 of CAA 2001 (see section 70YI(1) of that Act).^F2

(7)“Plant or machinery” has the same meaning as in Part 2 of CAA 2001.

(8)“Plant or machinery lease” has the meaning given in Chapter 6A of that Part (see section 70YI(1) of that Act).

(8A)Property business” means a UK property business or an overseas property business.^F3

(9)Repealed^F4