(a) "leasing" includes letting a ship or aircraft on charter or letting any other asset on hire, and

(b) references to a lease include a sub-lease (and references to a lessor or lessee are to be read accordingly).

(a) is not resident in the United Kingdom, and

(b) does not use the plant or machinery exclusively for earning profits chargeable to tax.

(a) includes profits chargeable under section 830(4) of ICTA (profits from exploration and exploitation of the seabed etc.), but

(b) excludes profits arising to a person who, under double taxation arrangements, is afforded or is entitled to claim any relief from the tax chargeable on those profits.

(a) short-term leasing of the plant or machinery (as defined in section 121), or

(b) if the plant or machinery is a ship, aircraft or transport container, the use of the ship, aircraft or transport container for a qualifying purpose under section 123 or 124 (letting on charter to UK resident etc.).

(a) is connected with him, or

(b) acquired it from him as a result of one or more disposals on the occasion of which, or each of which, the qualifying activity carried on by the person making the disposal was treated as continuing under one of the relevant provisions of ICTA.

(a) it is incurred on the provision of plant or machinery for leasing,

(b) the plant or machinery is at any time in the designated period used for overseas leasing which is not protected leasing, and

(c) the expenditure is not-

(i) long-life asset expenditure, or

(ii) expenditure that is required to be allocated to a single asset pool.

(a) a person who has incurred qualifying expenditure which has been allocated to an overseas leasing pool disposes of the plant or machinery to a connected person,

(b) the disposal is not an occasion on which the qualifying activity is treated as continuing under any of the relevant provisions of ICTA, and

(c) a disposal value is required to be brought into account on that occasion under this Part.

(a) the market value of the plant or machinery at the time of the disposal, or

(b) if less, the qualifying expenditure incurred by the person disposing of the plant or machinery.

(a) the plant or machinery is at any time in the designated period used for overseas leasing which is not protected leasing, and

(b) the expenditure is not long-life asset expenditure.

(a) it is incurred on the provision of plant or machinery for leasing,

(b) the plant or machinery is at any time in the designated period used for overseas leasing which is not protected leasing,

(c) the plant or machinery is used otherwise than for a qualifying purpose (see sections 122 to 125), and

(d) the lease is within any of the items in the list below.

(a) expenditure incurred by a person in providing plant or machinery has qualified for a first-year allowance or a normal writing-down allowance, and

(b) at any time in the designated period, the plant or machinery is used for overseas leasing which is not protected leasing,

(a) liable to a balancing charge of an amount given by subsection (4), and

(b) required to bring into account a disposal value of an amount given by that subsection.

F is the amount of any first-year allowance made in respect of the qualifying expenditure referred to in subsection (1)(a) ("E"),

N is the total of any normal writing-down allowances made in respect of E for the relevant chargeable periods, and

T is the total of the allowances that could have been made for the relevant chargeable periods if no first-year allowance or normal writing-down allowances had been or could have been made.

(a) the owner acquired the plant or machinery as a result of a transaction between connected persons (or a series of transactions each of which was between connected persons),

(b) none of the relevant provisions of ICTA under which the qualifying activity might have been treated as continuing has applied in respect of the transaction (or transactions), and

(c) any of the connected persons is a person to whom-

(i) a first-year allowance or a normal writing-down allowance has been made in respect of expenditure on the provision of the plant or machinery, or

(ii) a balancing allowance has been made in respect of such expenditure without a first-year allowance or normal writing-down allowance having been claimed.

E is the amount of the expenditure in respect of which an allowance within subsection (1)(c) has been made,

F is the amount of any first-year allowance within subsection (1)(c), and

N is the amount of any normal writing-down allowance or balancing allowance within subsection (1)(c).
 

(a) no allowance is to be made in respect of the ship under section 131(3) (postponed allowances) for the first chargeable period of overseas use or any subsequent chargeable period,

(b) nothing in section 132(2) (disposal events and single ship pool) restricts the operation of section 111, and

(c) the amount of any first-year or writing-down allowance in respect of the ship which has been postponed under section 130 and not made is to be allocated to a long-life asset pool or an overseas leasing pool for the chargeable period following the first chargeable period of overseas use.

(a) a first-year allowance, a writing-down allowance or a balancing allowance has been made in respect of expenditure incurred in providing plant or machinery, and

(b) at any time in the designated period, an event occurs such that the expenditure is brought within section 110(2) (cases where allowances are prohibited),

(a) liable to a balancing charge of an amount equal to A - R, and

(b) required to bring into account a disposal value of an amount equal to E - (A - R).

A is the amount of any allowances within subsection (1)(a),

R is any amount previously recovered under section 111 or 112 (recovery of excess allowances), and

E is the amount of the expenditure referred to in subsection (1)(a).
 

(a) an amount falls to be treated as a balancing charge under that section,

(b) the person on whom the balancing charge is to be imposed acquired the plant or machinery in question as a result of a transaction between connected persons (or a series of transactions each of which was between connected persons),

(c) none of the relevant provisions of ICTA under which the qualifying activity might have been treated as continuing has applied in respect of the transaction (or transactions), and

(d) a first-year allowance, a writing-down allowance or a balancing allowance in respect of expenditure on the provision of that plant or machinery has been made to any of those persons.

(a) A is the amount of any allowances within subsection (1)(d),

(b) any consideration paid or received on a disposal of the plant or machinery between the connected persons is to be disregarded, and

(c) if a balancing allowance or a balancing charge has been made in respect of any of the transactions, A is to be adjusted in a just and reasonable manner.

(a) plant or machinery is leased to two or more persons jointly,

(b) at least one of them is a person who-

(i) is not resident in the United Kingdom, and

(ii) does not use the plant or machinery exclusively for earning profits chargeable to tax, and

(c) the leasing is not protected leasing.

(a) the designated period, or

(b) if shorter, the period of the lease.

(a) the part of the expenditure that is not subject to section 107, 109 or 110 were expenditure on the provision of a separate item of plant or machinery, and

(b) the rest were expenditure which has been incurred on the provision of another item of plant or machinery (and which is subject to those sections).

(a) expenditure is incurred on the provision of plant or machinery which is leased as described in section 116(1),

(b) the whole or a part of the expenditure has qualified for a normal writing-down allowance under section 116(3),

(c) at any time in the designated period while the plant or machinery is so leased, no lessee uses the plant or machinery for the purposes of a qualifying activity or activities the profits of which are chargeable to tax, and

(d) section 114 (recovery of prohibited allowances) does not apply at that time and has not applied at any earlier time,

(a) the whole or a part of any expenditure has qualified for-

(i) a normal writing-down allowance otherwise than as a result of section 116(3), or

(ii) a first-year allowance,

(b) subsequently, but during the designated period, the plant or machinery is leased as described in section 116(1),

(c) at any time in the designated period while the plant or machinery is so leased, no lessee uses the plant or machinery for the purposes of a qualifying activity or activities the profits of which are chargeable to tax, and

(d) section 114 (recovery of prohibited allowances) does not apply at that time and has not applied at any earlier time,

(a) expenditure is incurred on the provision of plant or machinery which is leased as described in section 116(1),

(b) the whole or a part of the expenditure has qualified for a normal writing-down allowance under section 116(3),

(c) at the end of the designated period, the plant or machinery is leased as described in section 116(1) but subsection (1) has not had effect, and

(d) it appears that the extent to which the plant or machinery has been used for the purposes of a qualifying activity or activities the profits of which are chargeable to tax is less than the extent of such use taken into account in determining the amount of the expenditure which qualified for a normal writing-down allowance.

(a) a part of the expenditure corresponding to the reduction in the extent of use referred to in subsection (3)(d) were expenditure on the provision of a separate item of plant or machinery, and

(b) the separate item of plant or machinery had been used, on the last day of the designated period, for overseas leasing which is not protected leasing.

(a) expenditure is incurred on the provision of plant or machinery, and

(b) before the expenditure has qualified for a normal writing-down allowance, the plant or machinery is used for overseas leasing which is protected leasing,

(a) the description of protected leasing,

(b) the person to whom the plant or machinery has been leased, and

(c) if the certificate is given by reference to a chargeable period, all the items of plant or machinery (if more than one) relevant to that period.

(a) any expenditure on plant or machinery has qualified for a first-year allowance or a normal writing-down allowance, and

(b) the plant or machinery is subsequently used at any time in the designated period for overseas leasing which is not protected leasing,

(a) the person who is not resident in the United Kingdom to whom the plant or machinery has been leased, and

(b) if the notice is given by reference to a chargeable period, all the items of plant or machinery (if more than one) relevant to that period.

(a) no later than 3 months after the end of the chargeable period in which the plant or machinery is first used for overseas leasing which is not protected leasing, or

(b) if at the end of the 3 months the person required to give the notice does not know and cannot reasonably be expected to know that the plant or machinery is being so used, within 30 days of coming to know of it.

(a) the names and addresses of the persons to whom the asset is jointly leased,

(b) the part of the expenditure properly attributable to each of them, and

(c) which of them (so far as the lessor knows) is resident in the United Kingdom.

(a) any of the joint lessees who is not resident in the United Kingdom to whom the plant or machinery has been leased, and

(b) if it is given by reference to a chargeable period, all the items of plant or machinery (if more than one) relevant to that period.

(a) no later than 3 months after the end of the chargeable period in which the plant or machinery is first leased as described in section 116(1) or (as the case may be) in which the circumstances referred to in subsection (3) occur, or

(b) if at the end of the 3 months the person required to give the notice does not know and cannot reasonably be expected to know that the plant or machinery is being so used, within 30 days of coming to know of it.

(a) the number of consecutive days for which it is leased to the same person will normally be less than 30, and

(b) the total number of days for which it is leased to that person in any period of 12 months will normally be less than 90.

(a) the number of consecutive days for which the plant or machinery is leased to the same person will not normally exceed 365, and

(b) the total length of the periods for which it is leased in any consecutive period of 4 years within the designated period to lessees in circumstances not falling within section 125(4) (other qualifying purposes: non-leasing use) will not exceed 2 years.

(a) form part of a group of items of the same or a similar description, and

(b) are not separately identifiable,

(a) the person ("X") who incurred expenditure on the provision of the plant or machinery;

(b) a person who is connected with X;

(c) a person who acquired the plant or machinery from X as a result of-

(i) a disposal on the occasion of which, or

(ii) two or more disposals on the occasion of each of which,

the qualifying activity carried on by the person making the disposal was treated as continuing under one of the relevant provisions of ICTA;

(d) a person to whom the plant or machinery is leased and who is resident in the United Kingdom;

(e) a person to whom the plant or machinery is leased, who is carrying on a qualifying activity in the United Kingdom and who uses the plant or machinery for the short-term leasing in the course of that activity.

(a) resident in the United Kingdom or carries on the trade there, and

(b) responsible for navigating and managing the ship throughout the period of the charter and for defraying-

(i) all expenses in connection with the ship throughout that period, or

(ii) substantially all such expenses other than those directly incidental to a particular voyage or to the employment of the ship during that period.

(a) is responsible as principal, or

(b) appoints another person to be responsible in his place.

(a) of the letting of the ship or aircraft on charter,

(b) of a series of transactions of which the letting of the ship or aircraft on charter was one, or

(c) of any of the transactions in such a series,

(a) is resident in the United Kingdom, or

(b) carries on the trade there,

(a) the person's trade consists of or includes the operation of ships or aircraft, and

(b) the container is at other times used by that person in connection with the operation of the ships or aircraft.

(a) the person ("X") who incurred expenditure on the provision of the plant or machinery;

(b) a person who is connected with X;

(c) a person who acquired the plant or machinery from X as a result of-

(i) a disposal on the occasion of which, or

(ii) two or more disposals on the occasion of each of which,

the qualifying activity carried on by the person making the disposal was treated as continuing under one of the relevant provisions of ICTA.

(a) a lessee uses the plant or machinery for the purposes of a qualifying activity without leasing it, and

(b) if he had incurred expenditure on the provision of the plant or machinery at that time, the expenditure would have fallen to be included, in whole or in part, in his available qualifying expenditure for a chargeable period.

(a) the expenditure, or part of it, having fallen to be included in that person's available qualifying expenditure for any chargeable period, and

(b) that available qualifying expenditure being expenditure which is not subject to section 102 or 109.