SCHEDULE 6 Leasing Businesses
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 6 Leasing Businesses

Section 32

Businesses carried on by companies alone

1

Chapter 3 of Part 9 of CTA 2010 (sale of lessors: leasing business carried on by a company alone) is amended as follows.

2

(1)     Section 387 (“business of leasing plant or machineryâ€) is amended as follows.

(2)     In subsection (3), for “qualifying leased plant or machinery†substitute “plant or machinery falling within subsection (7)â€.

(3)     For subsection (5) substitute—

“(5)     Condition B is that at least half of the relevant company's income in the past 12 months derives from plant or machinery falling within subsection (7).â€

(4)     For subsections (7) and (8) substitute—

“(7)     Plant or machinery falls within this subsection if—

(a)     it is or at any time in the past 12 months has been leased out by the relevant company or a qualifying associate,

(b)     the lease under which it is or has been leased out is a plant or machinery lease but not an excluded lease of background plant or machinery for a building (see section 437(3)), and

(c)     if the plant or machinery satisfies paragraph (a) only because it is or has been leased out by a qualifying associate,

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