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The leasing industry has grown partly due to the system of capital allowances – lessors can claim tax benefits and pass these on to lessees. Gradually these capital allowances have been reduced, from 100% in some cases down to 25%. Now the process is set to continue with tax reform to ensure that the entity taking the ultimate risk of ownership is entitled to the tax benefits. This has resulted in the 'funding lease'
Which of the following is expected to be a defining characteristic of a funding lease?
