As mentioned, in the context of leasing transactions, where equipment is brought into use in accounting periods ending after 1 July 1997, the full benefits of CAA 2001, s. 67 are now available only for expenditure incurred by lessors leasing equipment on operating-lease terms (regardless of when that expenditure is incurred).

For these purposes the normal capital allowance rules apply to determine when expenditure is treated as incurred, as provided in CAA 2001, s. 5 (see the discussion in ¶1186-100).

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