25(1)Section 950 of CTA 2010 (transfers of trades involving business of leasing plant or machinery) is amended as follows.
(2)In subsection (5), for the words from “its market value” to the end substitute “the higher of—
(a)its ascribed value immediately before the transfer of the trade, and
(b)the disposal value that the predecessor would be required to bring into account under Part 2 of CAA 2001 in respect of it as a result of the transfer of the trade.”
(3)In subsection (6)—
(a)before the definition of “business of leasing plant or machinery” insert—
““ascribed value”, in relation to plant or machinery, is to be read in accordance with section 437A (but reading the reference to the relevant company or partnership as a reference to the predecessor);”, and
(b)omit the definition of “market value”.