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Finance lease debtor |
See Also
Allowances - Plant | Calculation of Tax Liability | Expensive cars | Finance lease debtor additions analysis | Finance lease debtor disposals | General allowances | Long life/Special rate assets (including integral assets) | Profit and loss account / Income statement (D schedule) | Reduced average life SLAs
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule should be used by trading companies that lease assets to third parties.
This schedule is available in trading companies only.
When this schedule is developed, the Finance lease debtor additions analysis and Finance lease debtor disposals schedules will be developed at the same time.
You should use the data entry cells provided to enter the balance brought forward, rentals received and any other adjustments. There is a reconciliation to the Profit and loss account at the foot of the schedule.
Allowable Commercial depreciation on long funding operating leases can be entered directly into the cell provided, and will be included as an allowable deduction on the Calculation of tax liability schedule.
From 2010 onwards, a new section has been added to calculate the relevant Net trading adjustment to be made.
Where there are multiple trades, both the Commercial depreciation on long funding operating leases value will need to be analysed between each trade.
One copy of the following capital allowance schedules may be developed from this schedule: Plant pool, Special rate assets, Short life assets and Expensive cars.
In addition, multiple copies of the General allowances schedule may be developed from this schedule.
If developed in the prior year computation, this schedule will automatically be developed in the subsequent year's file on roll-forward.
© 2009 Thomson Reuters.