The provisions in FA97/Sch12/Para11 are triggered by the
occurrence of an occasion on which a 'major lump sum', as defined
in Paragraph 3(2), becomes payable.
In summary, a major lump sum is a sum, excluding any element
which is rent, which under UK accounting standards is regarded as
consisting partly of repayment of the lessor's investment in the
leased asset and partly of return on that investment. It may be
received not only by the lessor but also by a connected person of
the lessor. See
BLM70516 for more details.
