Finance Leasing Manual - FLM32.02

Accountancy rental earnings: definition

'Accountancy rental earnings' are defined in Paragraphs Paragraphs 21 and 22 Schedule 12 FA 1997in two stages. Paragraph 22 defines 'rental earnings' (see FLM32.07). Paragraph 21 then defines 'accountancy rental earnings' (see FLM32.10). 'Normal rent' is defined in Paragraph 20 (see FLM32.14). Both accountancy rental earnings and normal rent are to be computed before any reduction in respect of bad debt relief. See FLM34.01 for a detailed discussion of bad debt relief.