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Finance Act 2006

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Changes over time for: Paragraph 40

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No versions valid at: 06/04/2006

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Point in time view as at 06/04/2006. This version of this cross heading contains provisions that are not valid for this point in time. Help about Status

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There are currently no known outstanding effects for the Finance Act 2006, Paragraph 40. Help about Changes to Legislation

Valid from 19/07/2006

40(1)This paragraph applies if—U.K.

(a)on any day (“the relevant day”) a company carries on a business of leasing plant or machinery (whether alone or in partnership),

(b)on the relevant day there is a qualifying change of ownership in relation to the company or a qualifying change in its interest in the business,

(c)on the relevant day the company, or the partnership of which the company is a member, disposes of any relevant plant or machinery subject to a lease, and

(d)section 228K of CAA 2001 (disposal of plant or machinery subject to lease where income retained) applies in relation to the disposal.

(2)No person is to be treated as receiving an amount of income, or as incurring an expense, as a result of any provision of this Schedule in so far as the income or expense arises by reference to the relevant plant or machinery subject to a lease which is disposed of.

(3)If, as a result of sub-paragraph (2), no income is treated as received by a company, no accounting period of the company ends or begins as a result of any provision of this Schedule.

(4)In relation to any disposal made before 2nd June 2006—

(a)sub-paragraph (2) applies as if the words from “in so far as” to the end were omitted, and

(b)sub-paragraph (3) applies as if the words from “If” to “a company,” and the words “of the company” were omitted.

(5)In this paragraph—

  • business of leasing plant or machinery” has the meaning given by Part 2 or (as the case may be) Part 3,

  • relevant plant or machinery subject to a lease” has the same meaning as it has for the purposes of section 228K of CAA 2001 (see section 228M).

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