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The Reform Of Leasing

David Taylor Head of London Tax Group and Jill Gatehouse Associate Freshfields discuss the 2004 PBR proposals for finance leasing and other recent developments
Recent years have not been good for the finance leasing industry. A number of legislative changes have eroded the benefits of leasing. The industry has been awaiting with concern the outcome of the Barclays Mercantile v Mawson case on which a number of transactions have been dependent. And the risk of future change has been of greater concern still with doubt over the role of finance leasing given the extent of possible reform suggested in an August 2003 consultation document. That document contemplated that finance leases should confer tax ownership on the lessee and also that the system of capital allowances might be reconsidered...
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