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Pre-Budget Report 2008 - Plant and machinery leasing

The Chancellor has blocked schemes that potentially allow businesses entering into leaseback arrangements, following the sale or lease of plant or machinery, to avoid tax.
 
The new measures are intended to ensure that businesses entering into such arrangements do not gain more tax relief than they would have done had they obtained loan finance and that tax is not avoided when a lessor grants what is known as a long funding lease.
 
These new regulations are retrospective insofar as they relate to leasebacks entered into, and long funding leases granted or ending, on or after 13 November 2008.

 

 

 

Date: 25th November, 2008
Author: David Mansell

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