A company’s statement of financial position includes non-current assets which are leased, the tax regime...

When valuing lease finance you discount actual cash flows only.

The cash outflow is the lease payment itself.

Because the tax regime follows the accounting treatment, the lessee gets tax relief on:

the implied interest component of the lease, and

the depreciation (straight-line) charged on the leased asset.

These tax reliefs are cash inflows (reduced tax paid) and must also be included in the discounted cash-flow calculation. Interest and depreciation themselves are not cash flows; only their associated tax shields are.