Part 9

Leasing plant or machinery
Chapter 4

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

“Business of leasing plant or machinery”

Partnership's income for condition B in section 410
414
1
This section applies for the purposes of condition B in section 410.
2
The reference to the partnership's income is to its income as calculated for corporation tax purposes.
3
Any apportionment necessary to determine the amount of the partnership's income attributable to the period of 12 months ending with the relevant day is to be made on a time basis.
4
But—
a
that basis does not apply if it would work in an unjust or unreasonable way in relation to any person, and
b
in that case the apportionment is to be made instead on a just and reasonable basis.
5
The proportion of the income that derives from plant or machinery falling within section 410(6) is to be determined on a just and reasonable basis.
Words in s. 414(5) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 14