122 Short-term leasing by buyer, lessee, etc.U.K.
This section has no associated Explanatory Notes
(1)Plant or machinery is used for a qualifying purpose at any time when any of the persons listed in subsection (2) uses it for short-term leasing (as defined by section 121).
(2)The persons are—
(a)the person (“X”) who incurred expenditure on the provision of the plant or machinery;
(b)a person who is connected with X;
[(c)a person who acquired the plant or machinery from X as a result of a disposal on the occasion of which, or two or more disposals [on the occasion of each of which there was a change in the persons carrying on the qualifying activity in relation to which Condition A or B was met.]]
(d)a person to whom the plant or machinery is leased and who is resident in the United Kingdom;
(e)a person to whom the plant or machinery is leased, who is carrying on a qualifying activity in the United Kingdom and who uses the plant or machinery for the short-term leasing in the course of that activity.
[(2A)Condition A is that—
(a)at least one person who carried on the qualifying activity immediately before or immediately after the change was within the charge to income tax in respect of that activity, and
(b)at least one person who carried on the qualifying activity before the change continued to carry it on after the change.
(2B)Condition B is that—
(a)the qualifying activity was carried on in partnership both immediately before and immediately after the change,
(b)a company that was within the charge to corporation tax in respect of the activity carried it on immediately before or immediately after the change, and
(c)at least one company which carried the activity on before the change continued to carry it on after the change.]
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .