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HMRC internal manual

Business Leasing Manual

From
HM Revenue & Customs
Updated
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Defining long funding leases: the three tests: the lease payments test: fair value

For the purpose of the lease payments test, the fair value of an asset for the purposes of the lease payments test is its market value (see BLM25200) less any grants receivable towards its purchase or use (CAA01/S70O (3)).