If, in a period of account, a company or person carrying on a trade, profession or vocation is the lessee of any plant or machinery under a long funding lease which is a long funding operating lease (see B5.405), the deductions that may be allowed in computing the person's profits for the period of account are to be reduced as follows, to reflect the fact that capital allowances are due1:
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(1)ÌýÌýÌýÌý Determine the 'starting value' (or 'relevant value' for income tax purposes) (see below).
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(2)ÌýÌýÌýÌý Deduct from the starting value/relevant value the amount2:
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(a)ÌýÌýÌýÌý where the lessee has the use of the plant
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