Part 9Leasing plant or machinery
Chapter 1Introduction
358Introduction to Part
1
This Part makes provision about the taxation of leasing transactions involving companies.
2
Chapter 2 makes provision about the treatment for corporation tax purposes of companies which are lessors or lessees under long funding leases of plant or machinery.
3
The sales of lessors Chapters make provision about the taxation of a company which is within the charge to corporation tax in respect of a business of leasing plant or machinery (within the meaning of Chapter 3 or 4)—
a
on the sale of, or certain other changes in interests in, the company, and
b
in certain circumstances where the company's interest in the business changes.
4
In this Part “the sales of lessors Chapters” means Chapters 3 to 6.
5
In the sales of lessors Chapters—
a
Chapter 3 deals with the case of a qualifying change of ownership in relation to the company where it carries on the business otherwise than in partnership,
b
Chapter 4 deals with—
i
the case of a qualifying change in the company's interest in the business where it carries on the business in partnership with other persons, and
ii
the case of a qualifying change of ownership in relation to any such company,
c
Chapter 5 contains anti-avoidance provisions, and
d
Chapter 6 provides for the general interpretation of those Chapters.
6
For the meaning of “qualifying change of ownership” in the sales of lessors Chapters, see sections 392 to 398.
7
For the meaning of “qualifying change in a company's interest in a business” in Chapter 4, see section 415.