Section 409 — Corporation Tax Act 2010: Introduction to Chapter

Introduction to Chapter 409 1 This Chapter applies if, in the case of a company carrying on a business of leasing plant or machinery in partnership with other persons—

a there is a qualifying change in the company's interest in the business, (see sections 415 and 416), or b there is a qualifying change of ownership in relation to the company (see sections 392 to 398).

2 Sections 417 to 424 apply in the case mentioned in subsection (1)(a).

3 Sections 425 to 429 apply in the case mentioned in subsection (1)(b).

4 Sections 410 to 414 determine for the purposes of this Chapter whether on any day a business carried on by a company in partnership with other persons is a business of leasing plant or machinery.

5 In sections 410 to 414—

a that day is referred to as “ the relevant day ”, b that company is referred to as “ the partner company ”, and c that partnership is referred to as “ the partnership ”.

6 Elsewhere in this Chapter references to the partner company are to the company referred to in subsection (1)(a) or, as the case may be, subsection (1)(b).