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HMRC internal manual

Business Leasing Manual

From
HM Revenue & Customs
Updated
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‘Income-into-capital’ schemes and back loaded leases: Definition of a Chapter 2 of Part 21 of CTA 2010 lease: Condition A: lease treated as an operating lease

A lease may be treated as an operating lease in accounts correctly drawn up in accordance with foreign accounting standards. The test imposed by the first condition is whether a lease should have been treated as a finance lease in accounts drawn up in accordance with UK GAAP or IFRS (that is, generally accepted accounting practice - BLM20215).