Hang on a sec here. The key difference as to whether a lease falls under the NCA is whether the lessee ends up with the property in the end?

An aside: Just to clarify the difference between an HP and a financial lease - in an HP you get ownership at the end of the period. In a financial lease you get ownership right at the beginning, but the asset is security against the financing instrument.

WOW! So I can sign as many fixed period rental agreements as I like and there are no NCA implications. However, if the lessee ends up with ownership and I've got 100 such deals, then I have to register.

Have I got that right?