Financing Leasing: A Jurisdictional Review

PART ONE

by Tim Budgett, Clifford Chance, Paris

A number of jurisdictions throughout the world provide a suitable tax and regulatory environment for cross-border leasing. Following the introduction to this subject in Marine Money issues Vol. 11 Nos. 17 and 18, this article will look more specifically at the current situation in the United Kingdom. A second article will deal with Germany.

The Growth of the Equipment Leasing Industry
It was the availability of capital allowances which led to the growth of the equipment (including ships) leasing industry in the UK. Capital allowances, which enable the cost of capital assets to be taken as a deduction in computing tax liabilities, were made available as a deliberate UK Government incentive to encourage investment.

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