Statutory significance of concept of qualifying purpose

The concept of the ‘qualifying purpose’ is defined within the legislation relating to overseas leasing (CAA 2001, s. 122ff.) and the commentary is, therefore given in this position. However, the short life asset rules also pick up the same definition (see column 2 in the table at CAA 2001, s. 84). Similarly, the special rules relating to ship leasing point to the same definition (see CAA 2001, s. 128(3)). The commentary that follows relates to overseas leasing.

Definition

Plant and machinery is used for a qualifying purpose when:

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