3A

But subsection (3) does not apply in the case of a disposal in relation to which subsection (3B) disapplies subsection (1).

3B

Subsection (1) does not apply to a disposal of, or of an interest in, an asset if—

a

at any time in the period of ownership of the person making the disposal, the asset is used for the purposes of a trade, profession or vocation carried on by another person,

b

as a result of that use, the asset becomes plant,

c

but for the asset therefore being regarded under section 44(1)(c) as having a predictable life of less than 50 years, the disposal would not be of, or of an interest in, a wasting asset, and

d

the disposal is not within subsection (3C).

3C

A disposal of, or of an interest in, an asset is within this subsection if the asset is plant used for the purpose of leasing under a long funding lease and—

a

the disposal takes place after the commencement of the term of the lease but before the termination of the lease, or

b

the disposal is the deemed disposal of the asset under section 25A(3)(a) on the termination of the lease.

3D

Section 25A(5) applies for the purposes of subsection (3C).