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).