The definition of an asset which 'represents' a leased asset
in FA97/Sch#12/Para26 is drawn in wide terms and is discussed at
BLM70655. One example of the disposal of such an asset would be the
sale of all the shares in a lessor company invested wholly or
mainly in leased assets to which Schedule 12 applies. Cumulative
accountancy rental excess can be deducted from the consideration on
such a disposal as it can on a disposal of the leased asset
itself.
