Finance Act 2015

Amendment of section 372AP of Principal Act (relief for lessors)

12. (1) Section 372AP of the Principal Act is amended by inserting the following subsection after subsection (13):

“(13A) Section 555 shall apply as if a deduction under this section were a capital allowance and, where subsection (7) applies, as if the amount represented by ‘A’ in the formula in that subsection were a balancing charge.”.

(2) Subsection (1) shall have effect in relation to an event, referred to either in paragraph (a) or (b) of subsection (7) of section 372AP of the Principal Act, occurring on or after 1 January 2012.