Office of Public Sector Information
(This note is not part of the Regulations)
These Regulations enable a lessor to elect to join the new long funding lease regime introduced by Schedules 8 and 9 to the Finance Act 2006 (c. 25) in respect of leases of plant or machinery that would not otherwise be covered by that legislation.
Regulation 1 provides for citation, commencement, interpretation and effect.
Regulation 2 specifies how and when an election in respect of eligible leases and qualifying incidental leases (the conditions for which are set out in regulations 3 and 4 respectively) may be made and withdrawn, and explains the effect of an election.
A regulatory impact assessment in respect of the provisions of the Finance Act 2006 is available on the website of HM Revenue and Customs at www.hmrc.gov.uk/ria and may be obtained by writing to the Ministerial Correspondence Unit, 1st Floor, HM Revenue and Customs, Ferrers House, P.O. Box 38, Castle Meadow Road, Nottingham, NG2 1BB.
The Long Funding Leases (Elections) Regulations 2007