Section 358 — Corporation Tax Act 2010: Introduction to Part

Introduction to Part 358 1 This Part makes provision about the taxation of leasing transactions involving companies.

2 Chapter 2 makes provision about the treatment for corporation tax purposes of companies which are lessors or lessees under long funding leases of plant or machinery.

3 The sales of lessors Chapters make provision about the taxation of a company which is within the charge to corporation tax in respect of a business of leasing plant or machinery (within the meaning of Chapter 3 or 4)—

a on the sale of, or certain other changes in interests in, the company, and b in certain circumstances where the company's interest in the business changes.

4 In this Part “ the sales of lessors Chapters ” means Chapters 3 to 6.

5 In the sales of lessors Chapters—

a Chapter 3 deals with the case of a qualifying change of ownership in relation to the company where it carries on the business otherwise than in partnership, b Chapter 4 deals with—

i the case of a qualifying change in the company's interest in the business where it carries on the business in partnership with other persons, and ii the case of a qualifying change of ownership in relation to any such company, c Chapter 5 contains anti-avoidance provisions, and d Chapter 6 provides for the general interpretation of those Chapters.

6 For the meaning of “qualifying change of ownership” in the sales of lessors Chapters, see sections 392 to 398.

7 For the meaning of “qualifying change in a company's interest in a business” in Chapter 4, see section 415.