C2

C1C5C4C3C6C7C8C9C10C11C12Part 2 Plant and machinery allowances

Annotations:
Modifications etc. (not altering text)
C1

Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)

C5

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 10, 22 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1

C4

Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 9(2), 21(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1) , Sch. 1

C3

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 4 ; S.I. 2004/2575 , art. 2(1) , Sch. 1

C6

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19

C7

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35

C8

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37

C9

Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24

C10

Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))

C11

Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)

C12

Pt. 2 modified (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 7

Chapter 19 Giving effect to allowances and charges

Special leasing of plant or machinery

261AF1Special leasing: leasing partnerships

1

This section applies for corporation tax purposes if—

a

a company carries on a business in partnership with other persons in a chargeable period of the partnership,

b

the business (“the leasing business”) is, on any day in that period, a business of leasing plant or machinery,

c

the company is entitled to an allowance under section 19 (special leasing of plant or machinery) for any chargeable period comprised (wholly or partly) in the chargeable period of the partnership, and

d

the interest of the company in the leasing business during the chargeable period of the partnership is not determined on an allowable basis.

2

Subsections (3) to (6) of section 260 do not apply in relation to the allowance.

3

For the purposes of this section—

a

“business of leasing plant or machinery” has the same meaning as in F2Chapter 4 of Part 9 of CTA 2010 (sales of lessors: leasing business carried on by a company in partnership), and

b

F3section 887 of CTA 2010 applies for determining whether the interest of the company in the leasing business during the chargeable period of the partnership is determined on an allowable basis.