Section 399 — Corporation Tax Act 2010: The amount of the income: the basic amount

The amount of the income: the basic amount 399 1 This section determines the amount of the income under section 383 when a qualifying change of ownership in relation to a company carrying on a business of leasing plant or machinery occurs on any day.

2 The amount of the income is found by—

a applying the formula in subsection (3) to give the basic amount, and b making any adjustment in accordance with any of sections 404 to 406 to the basic amount.

3 The formula is— P M - T W D V 4 For this purpose— “ PM ” has the meaning given by sections 400 to 402, and “ TWDV ” has the meaning given by section 403.

5 In those sections references to the relevant company and the relevant day are to the company and the day mentioned in subsection (1).