Part 9Leasing plant or machinery
Chapter 4Sales of lessors: leasing business carried on by a company in partnership
Introduction
409Introduction to Chapter
1
This Chapter applies if, in the case of a company carrying on a business of leasing plant or machinery in partnership with other persons—
a
there is a qualifying change in the company's interest in the business, (see sections 415 and 416), or
b
there is a qualifying change of ownership in relation to the company (see sections 392 to 398).
2
Sections 417 to 424 apply in the case mentioned in subsection (1)(a).
3
Sections 425 to 429 apply in the case mentioned in subsection (1)(b).
4
Sections 410 to 414 determine for the purposes of this Chapter whether on any day a business carried on by a company in partnership with other persons is a business of leasing plant or machinery.
5
In sections 410 to 414—
a
that day is referred to as “the relevant day”,
b
that company is referred to as “the partner company”, and
c
that partnership is referred to as “the partnership”.
6
Elsewhere in this Chapter references to the partner company are to the company referred to in subsection (1)(a) or, as the case may be, subsection (1)(b).