SCHEDULES
SCHEDULE 6Leasing businesses
Businesses carried on by companies in partnership
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1
Section 421 (the amount of the income: the basic amount) is amended as follows.
2
In subsection (6), for paragraph (b) substitute—
b
in calculating the amounts of unrelieved qualifying expenditure mentioned in subsection (5)(a) to (c), any part of those amounts that is relevant new expenditure is to be left out of account.
3
After that subsection insert—
6A
Relevant new expenditure” means—
a
expenditure attributable to plant or machinery acquired by the partnership on the relevant day except for plant or machinery acquired on that day from a qualifying company, and
b
expenditure incurred on the relevant day but attributable to plant or machinery acquired by the partnership before that day.
6B
In subsection (6A)—
a
“acquired” includes brought into use or made available for use for the first time for the purposes of the business, and
b
a reference to anything acquired or incurred includes anything treated as acquired or treated as incurred.