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HMRC internal manual

Business Leasing Manual

From
HM Revenue & Customs
Updated
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Defining long funding leases: amendments, transfers and assignments: meaning of a transfer of plant or machinery

The transfer of plant or machinery includes

  1. a disposal of the plant or machinery or of the lessor’s interest in the plant or machinery;
  2. any arrangements under which the lessor’s interest in the plant or machinery is terminated and another person becomes the lessor;
  3. where a person has been treated as the owner of a fixture by CAA01/S176, a cessation of that deemed ownership because:
* the person ceases to have the qualifying interest (CAA01/S188),
* a lessee is treated as the owner of the fixture (CAA01/S190),
* the fixture is permanently severed from the relevant land (CAA01(S191),
* the person is an equipment lessor and assigns their rights under the equipment lease or the financial obligations of the lessee are discharged (CAA01/S192), or
* the person is an energy services provider and assigns their rights under an energy services agreement or the financial obligations of the client are discharged (CAA01/S192A).