Section 410: “Business of leasing plant or machinery”
1239.This section, read with sections 411 to 414, sets out the conditions for determining whether on any day a partnership carries on a “business of leasing plant or machinery” for the purposes of this Chapter. It is based on paragraph 25 of Schedule 10 to FA 2006.
1240.This section restates in full the provisions of paragraph 6 of Schedule 10 to FA2006 as applied by paragraph 25(1) and modified by paragraph 25(2) of that Schedule.
1241.Condition A in subsection (2) is that at least half of “the relevant plant or machinery value” (see section 411) relates to “qualifying leased plant or machinery”.
1242.Paragraph 25(2) of Schedule 10 to FA 2006 provides that:
“Any reference in [paragraphs 6 to 8] to the relevant company is to be read as a reference to the partnership.”
1243.Paragraph 6(5) of Schedule 10 to FA 2006 refers to “any company” and “the company”. Although paragraph 25(2) of Schedule 10 to FA 2006 does not explicitly modify those references, it is implicit that for the purposes of Part 3 of that Schedule those references must also be read as references to the partnership. This has been made explicit in subsection (6).
