Attention Fast Draft users! Any changes made to the contacts in your Address Books on Sunday 11 December will not be saved. The contents of your Address Books will be available as usual when the new Fast Draft is live on Monday 12 December.
This practice note considers the commercial reasons for leasing and outlines a typical leasing transaction. The current leasing tax rules include a tax regime relating to what are known as "long funding leases". This term includes all finance leases with a duration greater than five years (unless certain criteria are fulfilled) and certain operating leases.The current tax regime came fully into effect as of 1 April 2006. The "old" tax regime continues to apply to leases that are not long funding leases. This note discusses the tax regime both as it applies to long funding leases and as it applies to non-long funding leases.
A practice note about the tax relief for film production companies making films that satisfy the cultural test for being a British film. The note covers practical and legal issues relating to the tax relief.