Finance Leasing Manual - FLM32.20

Period of account

'Period of account' is defined as a period for which accounts are made up. For the purpose of Paragraph 5 Schedule 12 FA 1997 it does not include any period prior to 26 November 1996 (Paragraph 30(1)). This ensures that the charge is not imposed retrospectively for periods prior to the announcement of these measures on Budget Day (26 November) 1996. By contrast, for the purpose of determining whether a lease comes within Part I in the first place, there is no such restriction (see FLM31.12)