122Short-term leasing by buyer, lessee, etc.
(1)Plant or machinery is used for a qualifying purpose at any time when any of the persons listed in subsection (2) uses it for short-term leasing (as defined by section 121).
(2)The persons are—
(a)the person (“X”) who incurred expenditure on the provision of the plant or machinery;
(b)a person who is connected with X;
(c)a person who acquired the plant or machinery from X as a result of—
(i)a disposal on the occasion of which, or
(ii)two or more disposals on the occasion of each of which,
the qualifying activity carried on by the person making the disposal was treated as continuing under one of the relevant provisions of ICTA;
(d)a person to whom the plant or machinery is leased and who is resident in the United Kingdom;
(e)a person to whom the plant or machinery is leased, who is carrying on a qualifying activity in the United Kingdom and who uses the plant or machinery for the short-term leasing in the course of that activity.
(3)“The relevant provisions of ICTA” means section 113(2) or 114(1) (effect of change in persons carrying on a trade etc.).