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HMRC internal manual

Business Leasing Manual

Taxation of leases that are not long funding leases: finance lessees: importance of lease term: generally accepted accounting practice not followed

You may see cases where the treatment of a finance lease in the commercial accounts is notin accordance with GAAP, perhaps because it is not material for accountancy purposes. In these cases the rentals may, for example, simply be charged against profits as they are paid or become payable or on some other basis. Where rentals are charged against profits on some basis which is inconsistent with GAAP, you should negotiate appropriate adjustments to allocate the rentals to periods of account on an acceptable basis. Remember that there are a number of acceptable methods that may be used to allocate the finance charge under GAAP. You should not seek to negotiate adjustments based on the one that gives the least advantageous result for the taxpayer.