264 Partnership using property of a partnerU.K.
(1)Subsection (2) applies if—
(a)a qualifying activity is carried on in partnership,
(b)plant or machinery is used for the purposes of the qualifying activity, and
(c)the plant or machinery is owned by one or more of the partners but is not partnership property.
(2)The same allowances, deductions and charges are to be made under this Part in respect of the plant or machinery as would fall to be made if—
(a)the plant or machinery had at all material times been owned by all the partners and been partnership property, and
(b)everything done by or to any of the partners in relation to that plant or machinery had been done by or to all the partners.
(3)The disposal value of plant or machinery is not required to be brought into account if—
(a)the plant or machinery is used for the purposes of a qualifying activity carried on in partnership,
(b)a sale or gift of the plant or machinery is made by one or more of the partners to one or more of the partners, and
(c)the plant or machinery continues to be used after the sale or gift for the purposes of the qualifying activity.
(4)The references in this section to use for the purposes of a qualifying activity do not include use—
(a)as a result of a letting by the partner or partners in question to the partnership, or
(b)in consideration of the making to the partner or partners in question of any payment which may be deducted in calculating the profits of the qualifying activity.