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HMRC internal manual

Business Leasing Manual

‘Income-into-capital’ schemes and back loaded leases: Definition of a Chapter 2 of Part 21 of CTA 2010 lease: Condition A: unincorporated lessors

Some persons, particularly unincorporated lessors, are not required to draw up accounts under GAAP. Where GAAP has not in fact been applied in such a case, you will need to consider, for the reasons set out in BLM70445, what the treatment of any leasing transaction would have been if those standards had been applied. You should deal with such a case in the same way as one where the accounts drawn up are subject to foreign (but non-IFRS) standards - seeBLM70455.