The five conditions set out in
BLM70415 have to be satisfied
simultaneously (at the 'relevant time') although, in considering
whether the fourth condition is satisfied, regard may be had not
only to the period of account in which the relevant time falls but
also an earlier chargeable period. The relevant time may be before
26 November 1996 (1996 Budget Day). Thus a lease which satisfies
the five conditions at a relevant time before that date remains a
Part I lease even if there is no subsequent point when it
simultaneously meets the conditions.
Once it has satisfied those conditions a lease remains within
Part I until it is terminated or assigned to (broadly) an
unconnected person, as explained in
BLM70680.
