A ‘long funding lease’ is defined as any lease of plant or machinery, except:

a short lease of up to five years or, subject to conditions, up to seven years;

a lease of ‘background’ plant or machinery for a building, subject to anti-avoidance provisions; or

a lease that is excluded under de minimis provisions (where relatively small amounts of plant or machinery are leased with land but which is not otherwise excluded.

In addition, the lessor can, in certain circumstances, elect to bring within the long funding regime a lease of plant or machinery which would otherwise be excluded.

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