Corporation Tax Act 2010
2010 CHAPTER 4
Introduction
Part 9: Leasing plant or machinery
Chapter 4: Sales of lessors: leasing business carried on by a company in partnership
Section 422: Amount to be nil if basic amount negative
1273.This section ensures that, if the formula in section 421(3) produces a negative basic amount, the amount of the company’s income for the purposes of section 417 is nil. It is based on paragraph 30 of Schedule 10 to FA 2006.
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