A person who makes a claim for a FYA or a normal WDA on plant or
machinery that is used for overseas leasing, but where the leasing
is protected leasing, should send in a certificate with the claim.
The certificate should specify the type of protected leasing
and the lessee. It should include details of all the plant or
machinery that the certificate covers.
If plant or machinery that has qualified for FYA or a normal
WDA begins to be used for overseas leasing so that the 10% rate of
WDA applies, the owner must give notice of this to the Inland
Revenue. The notice must specify the non-resident lessee. If it
covers more than one item of plant or machinery it should specify
all the items that it applies to. The notice should be given not
later than 3 months after the end of the chargeable period in which
the overseas leasing begins. If the person required to give the
notice does not know and cannot reasonably be expected to know at
the end of the 3 months that the overseas leasing legislation
applies to the plant or machinery, that person should give notice
within 30 days of coming to know it.
A person who leases plant or machinery to joint lessees so
that the joint lessees legislation applies
CA24400 also has to give notice to the
Inland Revenue. The notice should specify the names and addressees
of the joint lessees, the part of the expenditure on the plant or
machinery attributable to each of them and which of them is
resident in the UK so far as the lessor knows. The time limit for
giving notice is within 3 months of the end of the chargeable
period in which the plant or machinery is first leased to the joint
lessees. If the person required to give the notice does not know
and cannot reasonably be expected to know at the end of the 3
months that the joint lessees legislation applies to the plant or
machinery, that person should give notice within 30 days of coming
to know it.
If it is necessary to recover excess relief on plant or
machinery leased to joint lessees CA24400 the lessor must give
notice of this to the Inland Revenue. The time limit for giving
notice is within 3 months of the end of the chargeable period in
which it is necessary to recover excess relief. If the person
required to give the notice does not know and cannot reasonably be
expected to know at the end of the 3 months that it is necessary to
recover excess relief on the plant or machinery, that person should
give notice within 30 days of coming to know it.
