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(b) where an event referred to in paragraph (a) or (b), as the case may be, of section 76D(4) occurs, the lease payments are recalculated in a manner consistent with that provided for in paragraph (a) or (b), as the case may be, of section 76D(4);

(b) where an event referred to in paragraph (a) or (b), as the case may be, of section 76D(4) occurs, the lease payments are recalculated in a manner consistent with that provided for in paragraph (a) or (b), as the case may be, of section 76D(4);

(I) provided for the purposes of a project, specified in the list referred to in section 133(8)(c)(iv), which has been approved for grant aid by the Industrial Development Authority, the Shannon Free Airport Development Company Limited or Udarás na Gaeltachta, and

such that the aggregate of the amounts of the lease payments which are payable, or which would be payable if the relevant lease payments were the actual amounts payable under the lease, after any time exceeds the aggregate of the amounts of such relevant lease payments which would have been payable after that time if the events in subparagraph (i) or (ii) had not taken place, then, notwithstanding subsection (6)(a), unless it is shown that the change or the termination was effected for bona fide commercial reasons, the lease (including the terminated lease) shall be treated as if it were at all times a relevant lease, and relief given under Part 9, Chapter 1 or 2 of this Part, or section 396 or 420, which would not have been given if the lease was a relevant lease, shall be withdrawn.

such that the aggregate of the amounts of the lease payments which are payable, or which would be payable if the relevant lease payments were the actual amounts payable under the lease, after any time exceeds the aggregate of the amounts of such relevant lease payments which would have been payable after that time if the events in subparagraph (i) or (ii) had not taken place, then, notwithstanding subsection (6)(a), unless it is shown that the change or the termination was effected for bona fide commercial reasons, the lease (including the terminated lease) shall be treated as if it were at all times a relevant lease, and relief given under Part 9, Chapter 1 or 2 of this Part, or section 396 or 420, which would not have been given if the lease was a relevant lease, shall be withdrawn.

(II) to which section 283(5) or 285(7)(a)(i) applies,

such that the aggregate of the amounts of the lease payments which are payable, or which would be payable if the relevant lease payments were the actual amounts payable under the lease, after any time exceeds the aggregate of the amounts of such relevant lease payments which would have been payable after that time if the events in subparagraph (i) or (ii) had not taken place, then, notwithstanding subsection (6)(a), unless it is shown that the change or the termination was effected for bona fide commercial reasons, the lease (including the terminated lease) shall be treated as if it were at all times a relevant lease, and relief given under Part 9, Chapter 1 or 2 of this Part, or section 396 or 420, which would not have been given if the lease was a relevant lease, shall be withdrawn.

(b) Where a lessor has made an election under paragraph (a)(ii)(IV) in relation to a lease, the Tax Acts shall apply as respects assets leased under that lease as they would if the following were inserted in section 284(2):

(II) to which section 283(5) or 285(7)(a)(i) applies,

(ii) where an event referred to in section 288 occurs, in relation to an asset on which affected capital allowances are made, in that period, details relating to that event including the amount of any balancing allowance or charge made on the asset;

(b) Sections 305(1)(b), 308(4) and 420(2) shall not apply in relation to capital allowances—

(I) any amount which was set off against income under section 305,

(II) the amount of any loss which was set off under section 307, 308, 396 or 420 against profits, or

(b) Sections 305(1)(b), 308(4) and 420(2) shall not apply in relation to capital allowances—

(c) In determining the amount of specified capital allowances from a relevant lease that are available for relief for the purposes of section 308(1), income from a relevant lease is to be treated as if it were a separate specified class of income.

(II) the amount of any loss which was set off under section 307, 308, 396 or 420 against profits, or

“chargeable period”, “chargeable period related to”, and “chargeable period or its basis period” have the same meanings respectively as in section 321(2);

(III) the amount of any loss which was treated by virtue of a claim under section 381 as reducing income,

such that the aggregate of the amounts of the lease payments which are payable, or which would be payable if the relevant lease payments were the actual amounts payable under the lease, after any time exceeds the aggregate of the amounts of such relevant lease payments which would have been payable after that time if the events in subparagraph (i) or (ii) had not taken place, then, notwithstanding subsection (6)(a), unless it is shown that the change or the termination was effected for bona fide commercial reasons, the lease (including the terminated lease) shall be treated as if it were at all times a relevant lease, and relief given under Part 9, Chapter 1 or 2 of this Part, or section 396 or 420, which would not have been given if the lease was a relevant lease, shall be withdrawn.

(II) the amount of any loss which was set off under section 307, 308, 396 or 420 against profits, or

(c) details of any claims of relevant leasing losses, within the meaning of section 403(4), made for set off in the period to which the return relates under section 396(1) or 396A;

(a)section 396A(3), except to the extent that the amount can be used to reduce the income of the balloon leasing trade of the company,

(c) details of any claims of relevant leasing losses, within the meaning of section 403(4), made for set off in the period to which the return relates under section 396(1) or 396A;

(b)section 396B, 420A or 420B, as the case may be.

“lessee” and “lessor” have the same meanings respectively as in section 403;

(2) (a) Where Subject to subsection (2A), Subject to subsection (2B), where in the course of a trade an asset is provided by a person for leasing under a relevant lease, the letting of the asset under that relevant lease shall be treated as a separate trade of leasing (in this subsection referred to as a “specified leasing trade”) distinct from all other activities, including other leasing activities, of the person, and section 403, apart from subsections (5) to (9) subsection (2A) of that section, shall apply in relation to a specified leasing trade as it applies in relation to a trade of leasing within the meaning of that section.

(2B) Where a company has more than one specified leasing trade, such trades shall be aggregated to form a single specified trade of leasing (in this subsection referred to as a ‘balloon leasing trade’) and where in an accounting period that balloon leasing trade incurs a relevant leasing loss (within the meaning of section 403), the relevant amount of that loss shall not be available for relief under—

(b) the amount of any relevant leasing loss, within the meaning of section 403(4), arising from a relevant lease available for set off at the commencement of the period to which the return relates;

(c) details of any claims of relevant leasing losses, within the meaning of section 403(4), made for set off in the period to which the return relates under section 396(1) or 396A;

(b) Sections 305(1)(b), 308(4) and 420(2) shall not apply in relation to capital allowances—

such that the aggregate of the amounts of the lease payments which are payable, or which would be payable if the relevant lease payments were the actual amounts payable under the lease, after any time exceeds the aggregate of the amounts of such relevant lease payments which would have been payable after that time if the events in subparagraph (i) or (ii) had not taken place, then, notwithstanding subsection (6)(a), unless it is shown that the change or the termination was effected for bona fide commercial reasons, the lease (including the terminated lease) shall be treated as if it were at all times a relevant lease, and relief given under Part 9, Chapter 1 or 2 of this Part, or section 396 or 420, which would not have been given if the lease was a relevant lease, shall be withdrawn.

(II) the amount of any loss which was set off under section 307, 308, 396 or 420 against profits, or

(b)section 396B, 420A or 420B, as the case may be.

(b)section 396B, 420A or 420B, as the case may be.

(ii) in relation to the appropriation of that asset into trading stock under section 596.

“agricultural machinery” means machinery or plant used or intended to be used for the purposes of a trade of farming (within the meaning of section 654) or machinery or plant of a type commonly used for such a trade which is used or intended to be used for the purposes of a trade which consists of supplying services which normally play a part in agricultural production;