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HMRC internal manual

Business Leasing Manual

’Income-into-capital’ schemes and back loaded leases: Relief for set-offs against rentals: cumulative normal rental excess: double taxation

You should also be aware of the general assurance on taxation of the same sums twice under the UK tax code given in the article on Schedule 12 (now Part 21 of CTA 2010) in the April 1997 issue of Tax Bulletin:

It has been suggested to us that in some circumstances the rules in Schedule 12, in particular the use of the consolidated accounts, could lead to taxation of the same sums more than once. The rules in the Schedule were not intended to lead to double taxation and we have not identified specific situations where double taxation can occur. We do not propose to argue that double taxation can arise.

One example of a situation where double taxation might occur is in a case involving the securitisation of finance lease receivables where the proceeds were treated as trading receipts. You should report any case where double taxation appears to arise to CTIs (CT&BIT).

It is unlikely that the same sums will be taxable both in the UK under Part 21 CTA 2010 and under tax rules of another country even after the application of the appropriate Double Taxation rules (whether in the relevant DT agreement or by way of unilateral relief). But if such a situation should arise you should report it to CTIS (CT&BIT).