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New UK Tax Rules

Jonathan Vines partner and James Boyd senior manager KPMG LLP outline the new leasing rules including some example computations
On 31 March 2006 HMRC published new and additional tax rules that apply from 1 April 2006 to leases of plant and machinery. The rules were reissued in an amended form as part of the Finance (No 2) Bill 2006. In simple terms for long funding leases (a new category of leases defined in the new rules) capital allowances will accrue to the lessee not the lessor. It is important to realise that the new rules are in addition to the existing statutory provisions relevant case law and practice that govern the taxation of leasing in the UK. The phasing out of the overseas leasing rules which in...

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