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HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
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Oil contractors ring fence: leasing arrangements

Lease for the purposes of applying the contractor ring fence and hire cap uses the definition in Part 19 Chapter 3 CTA 2010 Leased trading assets.

CTA2010/S868

  • A lease is (in relation to an asset) an agreement or arrangement under which payments are made for the use of or otherwise in respect of the asset.
  • In particular it includes an agreement or arrangement under which the payments (or any of them) represent instalments of a purchase price or payments towards it.