Chancery Division.

Sir Andrew Morritt V-C.

Judgment delivered 22 November 2001.

Corporation tax – Capital allowances – Deductible expenditure – Finance lease – Funding arrangements – Car leasing company funded back to back leasing under purchase, lease and disposal agreement – Terms of lease and rental calculated on basis of loan of purchase price with interest payable in instalments – Whether deductibility of instalments limited – Capital Allowances Act 1990, s. 35(2).

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