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HMRC internal manual

Business Leasing Manual

HM Revenue & Customs
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’Income-into-capital’ schemes and back loaded: Back loaded leases: second condition - existence of written contract

One issue which arises in considering in particular whether the second requirement (see BLM74630) is satisfied is whether there was in existence a ‘contract in writing for the lease’ prior to 26 November 1996. In practice you may accept the provision of a detailed term sheet as a contract in writing for the lease even if it is arguable whether it amount to a binding agreement between the parties, see BLM74655.