SCHEDULES
SCHEDULE 31Sale of lessor companies etc: anti-avoidance
3Paragraph 7
1
Paragraph 7 (provision for purposes of condition A) is amended as follows.
2
For sub-paragraphs (2) and (3) substitute—
2
The relevant plant or machinery value is the aggregate of the amounts in sub-paragraph (3), but subject to paragraph 7A.
3
The amounts are—
a
the amounts (if any) which would be shown in respect of plant or machinery in the appropriate balance sheet of the relevant company drawn up as at the start of the relevant day, and
b
the amounts (if any) which would be shown in the appropriate balance sheet of the relevant company drawn up as at the end of the relevant day in respect of relevant transferred plant or machinery.
3A
For the purposes of sub-paragraph (3)(b) plant or machinery is “relevant transferred plant or machinery” if an amount in respect of it would be shown in the appropriate balance sheet of an associated company drawn up as at the start of the relevant day.
3
In sub-paragraph (4), for “this purpose” substitute “the purposes of this paragraph”.
4
In sub-paragraph (8)(a), omit “as at the start of the relevant day”.
5
Insert at the end—
10
References in this Part of this Schedule to an associated company are to a company which is an associated company of the relevant company on the relevant day (as to which, see paragraph 9).