In 2016, HMRC issued a consultation paper to set out some of the potential tax implications that the forthcoming change in lease accounting could have on the financing of plant and machinery. From 2019, unlike FRS 102 (UK GAAP), lessees applying IFRS (including FRS 101) do not distinguish between finance and operating leases. All leases (except for certain low-value leases or very short leases) are capitalized on the lessee's balance sheet at the NPV of future payments from the lease inception date. This accounting change does not affect landlords. Currently, the tax treatment generally depends on whether the lease is a "long-term financing lease". If so, then it is the tenant who receives the capital allowance (CA). However, much of the anti-avoidance legislation focuses on the concept of financial leases, and the change in IFRS will prevent this. In its advice, HMRC proposed four options to address the issue. The first is generally the status quo, with some discomfort. Others include a more radical proposal to move to an account-based mode of taxing rents, using a debit and credit system somewhat similar to the credit relationship regime, and similarly eliminate the capital/income divide.