Related Commentary  Related HMRC Manuals

105(1)  In this Chapter–

(a)leasing”  includes letting a ship or aircraft on charter or letting any other asset on hire, and

(b)references to a lease include a sub-lease (and references to a lessor or lessee are to be read accordingly).

105(2)  Plant or machinery is used for overseas leasing if it is used for the purpose of being leased to a person who–

(a)is not resident in the United Kingdom, and

(b)does not use the plant or machinery exclusively for earning profits chargeable to tax.

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