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HMRC internal manual

Business Leasing Manual

Taxation of leases that are not long funding leases: How tax advantages arise: effect of interest rates on lessor’s timing advantages

The comparison of the effects of a 10% and 5% discounting rates at BLM30220 shows that the timing gains reduce as interest rates decline and it gets harder for lessors to make money. By the same token, finance lessors do better as interest rates rise.