[F1267ARestriction on effect of electionU.K.
(1)This section applies for corporation tax purposes if—
(a)on any day (“the relevant day”) a person (“the predecessor”) carries on a business of leasing plant or machinery,
(b)on the relevant day another person (“the successor”) succeeds to the business, and
(c)the predecessor and the successor make an election under section 266.
(2)Neither—
(a)section 266(7), nor
(b)the provisions of section 267,
have effect in relation to any plant or machinery which, in determining whether the business is a business of leasing plant or machinery on the relevant day, [F2falls within section 387(7) of CTA 2010 (if the business is carried on otherwise than in partnership) or within section 410(6) of that Act (if the business is carried on in partnership)].
(3)In this section “business of leasing plant or machinery”—
(a)has the same meaning as in [F3Chapter 3 of Part 9 of CTA 2010] (if the business is carried on otherwise than in partnership), or
(b)has the same meaning as in [F4Chapter 4 of that Part] (if the business is carried on in partnership).]
Textual Amendments
F1S. 267A inserted (with effect in accordance with s. 85(5) of the amending Act) by Finance Act 2006 (c. 25), s. 85(4)
F2Words in s. 267A(2) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 23
F3Words in s. 267A(3)(a) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 352(a) (with Sch. 2)
F4Words in s. 267A(3)(b) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 352(b) (with Sch. 2)