(1) Subject to subsection (3), where machinery or plant is let by means of a relevant lease to a person, by whom a trade is carried on, on the terms of that person being bound to maintain the machinery or plant and deliver it over in good condition at the end of the lease, and if the burden of the wear and tear of the machinery or plant in fact falls directly on that person, then, for the purposes of sections 283 and 284, the capital expenditure on the provision of the machinery or plant shall be deemed to have been incurred by that person and not by any other person and the machinery or plant shall be deemed to belong to that person and not to any other person.
(1A) For the purpose of this section, a lease shall be a relevant lease where -
(a) the lease is a finance lease, or
(b) the lease is an operating lease, and each of the following criteria apply at the inception of the lease:
(i) under the terms of the lease, the discounted present value of the lease payments which are payable
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