SCHEDULES
SCHEDULE 14Leases: changes to accounting standards etc
PART 2Long funding leases
8Meaning of “short lease”
1
In section 70I (“short lease”)—
a
in subsections (2) and (9)(d), for “5” substitute “7”, and
b
omit subsections (3) to (8).
2
In section 70YF (the “term” of a lease)—
a
in subsection (5)(b), for “5” substitute “7”,
b
in subsection (6), for “5” substitute “7”, and
c
omit subsection (7).
3
In section 220 (allocation of expenditure to a chargeable period), in subsection (4)(c), for “5” substitute “7”.