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.