Business Leasing Manual
Summary
The UK HMRC Business Leasing Manual is being updated to reflect the 2024 amendments to FRS 102 accounting standards. This manual provides comprehensive guidance on the tax treatment of leases, including lease accounting principles, the definition and taxation of long funding leases, right-of-use assets under the new standards, and anti-avoidance provisions related to plant and machinery leasing. Organizations using either IFRS 16 or the revised FRS 102 should refer to the BLM50000 chapter for specific guidance on how these accounting changes affect their tax positions.
Details
The UK HMRC Business Leasing Manual is being updated to reflect the 2024 amendments to FRS 102 accounting standards. This manual provides comprehensive guidance on the tax treatment of leases, including lease accounting principles, the definition and taxation of long funding leases, right-of-use assets under the new standards, and anti-avoidance provisions related to plant and machinery leasing. Organizations using either IFRS 16 or the revised FRS 102 should refer to the BLM50000 chapter for specific guidance on how these accounting changes affect their tax positions.