96
CAP. 112]
Inland Revenue
[1989 Ed.
"conditional sale agreement" means an agreement for the sale of goods under which the purchase price or part of it is payable by instalments, and the property in the goods remains in the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled; "control", in relation to a corporation, means the power of a person to secure-
(a) by means of the holding of shares or the possession of voting power in or in relation to that or any other corporation; or
(b) by virtue of any powers conferred by the articles of association or other document regulating that or any other corporation,
that the affairs of the first-mentioned corporation are conducted in accordance with the wishes of that person;
"end-user" means any person (whether alone or with others) holding rights as lessee under a lease of machinery or plant or any associate of such person; "held for use" includes installed ready for use and held in reserve;
"lease" includes-
(a) any arrangement under which a right to use machinery or plant is granted by the owner of the machinery or plant to another person; and
(b) any arrangement under which a right to use machinery or plant, being a right derived directly or indirectly from a right referred to in paragraph (a), is granted by a person to another person, but does not include a hire-purchase agreement or a conditional sale agreement unless, in the opinion of the Commissioner, the right under the agreement to purchase or obtain the property in the goods would reasonably be expected not to be exercised;
"non-recourse debt", in relation to the financing of the whole or a predominant part of the cost of the acquisition or construction of any machinery or plant, means a debt where the rights of the creditor in the event of default in the repayment of principal or payment of interest-
(a) are limited wholly or predominantly to any or all of the following-
(i) rights (including a right to moneys payable) in relation to the machinery or plant or the use of the machinery or plant;
(ii) rights (including rights to moneys payable) in relation to goods produced, supplied, carried, transmitted or delivered, or services provided, by means of the machinery or plant; (iii) rights (including a right to moneys payable) in relation to the loss or disposal of the whole or a part of the machinery or plant or of the taxpayer's interest in the machinery or plant;