Section 872 | Payment under lease

(1)Condition A is that—

(a)a payment is made under a lease of a relevant asset, and

(b)the payment is one for which a deduction by way of relevant tax relief is allowed.

(2)Condition A is not met if section 865 (leased trading assets: tax deductions)—

(a)applies to the payment, or

(b)would apply to it but for its being excluded under section 866 (long funding finance leases).

(3)Condition A is not met if section 681CC of ITA 2007 (provision for income tax corresponding to section 865)—

(a)applies to the payment, or

(b)would apply to it but for its being excluded under section 681CD of that Act (long funding finance leases).

(4)The reference in subsection (1)(a) to a lease does not include a lease created on or before 14 April 1964.