BLM70410 - 바카라 사이트˜Income-into-capital바카라 사이트™ schemes and back loaded leases: Definition of a Chapter 2 of Part 21 of CTA 2010 lease: what counts as a lease of an asset
Before you consider the five conditions described in the following paragraphs you need to establish that 바카라 사이트˜a lease of an asset is or has been granted바카라 사이트™ (CTA10/S901(1)(a)). In most cases the position will be self-evident and only in exceptional cases will it the point be arguable.
바카라 사이트˜Lease바카라 사이트™ is defined in CTA10/S937 in broad terms drawn from the sale and leaseback anti-avoidance legislation in Part 19 of CTA 2010 (described in BIM61200 and BIM61300). The first part of the definition (concerning land) is drawn from CTA10/S846 and the second part (assets other than land) comes from CTA10/S885. Asset is defined as 바카라 사이트˜any form of property or rights바카라 사이트™ (CTA10/S937).
Essentially a lease is any agreement or arrangement for the hiring of any sort of asset, wherever situated and including intangibles and intellectual property of all descriptions, such as rights in a film or book.
A lease of land is 바카라 사이트˜granted바카라 사이트™ within the meaning of CTA10/S901(1)(a) even though the agreement for a lease may not be followed up by the formal grant of a lease on completion. And a lease of an asset other than land is 바카라 사이트˜granted바카라 사이트™ simply by the making of an agreement to hire the asset.
Part 21 do not apply where the lease is a long funding lease in the hands of the lessor (CTA10/S901(1)(a)