Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Part 9: Leasing plant or machinery

Chapter 3: Sales of lessors: leasing business carried on by a company alone
Section 396: No qualifying change of ownership where principal company’s interest in consortium company unchanged

1211.This section ensures that there is no qualifying change in ownership in the case of a change in the composition of a consortium but there is no change in the interest of the principal company in the consortium company. It is based on paragraph 13A of Schedule 10 to FA 2006.