Finance Act 2019 (c. 1)

SCHEDULES

SCHEDULE 14 Leases: changes to accounting standards etc

PART 2 Long funding leases

Meaning of “short lease”

8 (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”.