Part 9Leasing plant or machinery

Chapter 3Sales of lessors: leasing business carried on by a company alone

F1 “Qualifying change of ownership”

Annotations:
Amendments (Textual)
F1

S. 394A and cross-heading inserted (with effect in accordance with Sch. 18 para. 9 of the amending Act) by Finance Act 2010 (c. 13), Sch. 18 para. 5

396No qualifying change of ownership where principal company's interest in consortium company unchanged

1

This section applies if—

a

a company (“A”) is owned by a consortium, and

b

a relevant change in the relationship between A and a principal company of A occurs on any day,

but the principal company's interest in A remains unchanged.

2

For the purposes of the sales of lessors Chapters, there is no qualifying change of ownership in relation to A on that day as a result of that change in that relationship.

3

For the purposes of this section the principal company's interest in A remains unchanged if the percentage of the ordinary share capital of A that is beneficially owned directly or indirectly by the principal company is the same at the beginning and end of that day.

4

Sections 1155 to 1157 apply for construing subsection (3).