BLM74610 - Schedule 12 FA 1997:
Part II: definition of a lease within Part II
To come within Part II, a lease must satisfy the definition
in FA97/Sch12/Para16. All four conditions have to be satisfied:
- the lease was granted on or after 26
November 1996 (
BLM74615); and
- the lease forms part of a 'new scheme' (
BLM74630); and
- the condition in Paragraph 3(1) - that the
lease must be treated as a finance lease or loan - must have been
satisfied on or after 26 November 1996 (
BLM74660); and
the lease does not come within Part I (
BLM74665).
The four conditions are discussed in turn in the paragraphs
that follow.
