For any period of account, rental earnings are the 'amount
which falls for accounting purposes to be treated in accordance
with normal accountancy practice as the gross return for that
period on investment in respect of a finance lease' (or loan)'.
(FA97/Sch12/Para22).
The references to accounting purposes and practice are
subject to paragraph 28 and the definition of 'accounting purposes'
in paragraph 30(1). The effect is to focus on what is correctly
shown as the gross return on investment under GAAP. The use of
consolidated accounts and those of connected persons is
specifically dealt with in FA97/Sch12/Para21 - see
BLM70815.
