24 Companies carrying on businesses of leasing plant or machinery
Finance Act 2012 (2012 c 14) | Legislation

24  Companies carrying on businesses of leasing plant or machinery

(1)     CTA 2010 is amended as follows.

(2)     In section 385 (sales of lessors: no carry back of the expense)—

(a)     for subsections (2) and (3) substitute—

“(2)     No part of a loss may be deducted under section 37(3)(b) (relief for trade losses against total profits of earlier accounting periods) from so much of the company's total profits as derive from the income.

(3)     For the purpose of determining how much of those profits derive from the income, those profits are to be calculated on the basis that the income is the final amount to be added.”, and

(b)     in the heading, for “No carry back of the expense” substitute “No carry back of loss against the income”.

(3)     In section 392 (sales of lessors: “relevant change in relationship”), at the end insert “or section 394ZA (company joining tonnage tax group)”.

(4)     After section 394 insert—

“394ZA Company joining tonnage tax group

There is a relevant change in the relationship between A and a principal company of A on any day if—

(a)     on that day A becomes a member of a tonnage tax group

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