CAA01/S70W, S70X, S70Y

Transfers, assignments by lessor

The lessor of assets may transfer them to another person who becomes the lessor of the assets. The lease may be transferred along with the assets or a new lease of the assets may be granted. When this happens there is continuity.

Treat the old lessor as if the lease terminated immediately before the transfer.

Treat the new lessor as if:

a new lease had been entered into immediately after the transfer,

the new lease started on the transfer date, and

the term of the new lease started on the transfer date.

Where:

the term of the new lease is the unexpired portion of the term of the old lease and

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