Part 9 Leasing plant or machinery

Chapter 4 Sales of lessors: leasing business carried on by a company in partnership

“Qualifying change” in company's interest in a business

415 “Qualifying change” in company's interest in a business
(1) For the purposes of the sales of lessors Chapters there is a qualifying change in a company's interest in a business on any day if its relevant percentage share at the end of the day is less than its relevant percentage share at the start of the day.
(2) In this section “relevant percentage share”, in relation to a company's interest in a business, means its percentage share in the profits or loss of the business (determined in accordance with section 416).
(3) For the purposes of this section any reference to a company's share in the profits or loss of the business includes a nil share (whether as a result of the dissolution of the partnership or otherwise).