S.L. 123.88 Art. 6Payment on transfer of ownership.

Where on the occasion of the transfer of the title of ownership over a leased asset the lessee makes a payment to the lessor in excess of the total agreed annual payments such payment shall be chargeable to tax in the hands of the lessor. The lessee shall thereafter be entitled to deductions under article 14(1)(f) of the Act in respect of any such payment and the provisions of article 24 of the Act shall also apply.