132 Replacement of LIBOR with incremental borrowing rate
Finance Act 2021 (2021 c 26) | Legislation

Banking

132  Replacement of LIBOR with incremental borrowing rate

(1)     In section 70O of CAA 2001 (funding leases: the lease payments test)—

(a)     in subsection (4)(b), for “1% above LIBOR” substitute “the incremental borrowing rate”;

(b)     for subsection (5) substitute—

“(5)     For this purpose, the incremental borrowing rate has the same meaning as it has for accounting purposes.

(6)     The Treasury may by regulations amend this section for the purpose

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