380N Cars: provisions as to hire-purchase, etc.

(1) Subsections (2) to (4) are applied in these circumstances.

(2) Capital allowances are disapplied where a hire-purchase contract ends without the hire-purchaser becoming the owner of the vehicle.

(3) The payments are treated as leasing expenses and deductible in accordance with section 380M.

(4) The payments are apportioned as between capital and revenue where the hirepurchaser becomes the owner of the vehicle.

Relevant Date: Finance Act 2021