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Corporation Tax Act 2010

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Changes over time for: Cross Heading: Modifications of sales of lessors Chapters in Part 9 where the relevant date is before 22 April 2009

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Point in time view as at 01/04/2010.

Changes to legislation:

Corporation Tax Act 2010, Cross Heading: Modifications of sales of lessors Chapters in Part 9 where the relevant date is before 22 April 2009 is up to date with all changes known to be in force on or before 02 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Modifications of sales of lessors Chapters in Part 9 where the relevant date is before 22 April 2009U.K.

68(1)If the relevant date for the purposes of any provision in Chapter 3, 4 or 5 of Part 9 is before 22 April 2009, that Part applies for the purposes of that provision with the following modifications.U.K.

(2)In section 389 (provision supplementing section 388)—

(a)in subsection (5)(b) for “acquired any plant or machinery in circumstances in which this paragraph applies” substitute “ acquires any plant or machinery directly or indirectly from a person who is connected with the company ”, and

(b)omit subsection (6).

(3)In section 392 (“qualifying change of ownership”) omit subsection (5).

(4)Omit section 396 (no qualifying change of ownership where principal company's interest in consortium company unchanged).

(5)In section 401 (provisions supplementing section 400)—

(a)in subsection (5)(b) for “acquired any plant or machinery in circumstances in which this paragraph applies” substitute “ acquires any plant or machinery directly or indirectly from a person who is connected with the company ”, and

(b)omit subsection (6).

(6)In section 412 (provision supplementing section 411)—

(a)in subsection (5)(b) for “acquired any plant or machinery in circumstances in which this paragraph applies” substitute “ acquires any plant or machinery directly or indirectly from a person who is connected with the partnership ”, and

(b)omit subsection (6).

(7)In section 417 (partner company's income and other companies' matching expense) omit subsection (8).

(8)Omit section 420 (exception: companies carrying on business ceasing to share in its profits).

(9)In section 424 (the amount of expense)—

(a)in subsection (1)(c) for “is greater at the end than at the start of” substitute “ increases at any time on ”,

(b)in subsection (1)(d) after “the increase”, in both places, insert “ at any time ”, and

(c)for subsection (3) substitute—

(3)The appropriate percentage is the percentage of the other company's percentage share in the profits or loss of the business immediately after the change that is wholly attributable to the change.

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