文档介绍：slaughter and may
au BRIEFING
g
ust 2010 ust
Equipment Leasing
Richard Carson and Stephen Edge, Partners
1. Introduction
In simple terms, equipment and other specialised asset leasing involves rentals being paid for the use of the asset
concerned by the user (the lessee) to the owner (the lessor).
This type of leasing has its origins in the supply of equipment on short-term rental or hire. This practice is continued
today by car hire companies and firms which hire out specialist tools and equipment. In all such cases, the lessor’s
basic attribute is the ability to control and manage a pool of assets available for use by a series of lessees over time.
With an operating lease of this nature, the lessor comes to the lessee because the lessor is able to provide the asset
concerned.
This article deals principally, however, with a different form of leasing, namely finance leasing. Finance leasing has
grown over the past 35 years or so into one of the most important methods, in the UK and elsewhere, for financing
the acquisition of capital assets. A lessee embarking on a finance lease is looking to the lessor to provide finance for
an item of equipment which the lessee may already own or will certainly have made arrangements to acquire. The
lessor is not expected to have any experience in the acquisition, management or disposal of the assets concerned.
All those matters will be handled by the lessee. All the lessor is required to do is to take title to the assets and
come up with the necessary cash. The tax saving that the lessor is expected to derive from any capital allowances
available in respect of the assets will be factored into the lease renta