SCHEDULES

SCHEDULE 10Sale of lessor companies etc: reforms

Paragraph 17

4

1

Paragraph 17 (meaning of “PM” in paragraph 16) is amended as follows.

2

In sub-paragraph (7)(b), for “acquires any plant or machinery directly or indirectly from a person who is connected with the company” substitute “ acquired any plant or machinery in circumstances in which this paragraph applies ”.

3

For sub-paragraph (8) substitute—

8

Paragraph (b) of sub-paragraph (7) above applies if—

a

the relevant day falls on or after 22 March 2006,

b

the plant or machinery was acquired directly or indirectly from a person who was connected with the company when the acquisition took place, and

c

either the acquisition took place on or after 5 December 2005 or the person from whom the plant or machinery was so acquired was also connected with the company on that date.