407MigrationU.K.
This section has no associated Explanatory Notes
(1) This section applies if on any day (“ the relevant day ”)—
(a)a company begins to be within the charge to corporation tax in respect of a business of leasing plant or machinery which it carries on otherwise than in partnership, and
(b)a qualifying change of ownership in relation to the company occurs.
(2)For the purposes of this Chapter, any plant or machinery is to be ignored in calculating the amount of the income treated as received on the relevant day if an amount would be shown in respect of it in a balance sheet of the company drawn up immediately before that day in accordance with generally accepted accounting practice.