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Chapter 4U.K.Sales of lessors: leasing business carried on by a company in partnership

IntroductionU.K.

409Introduction to ChapterU.K.

(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).

“Business of leasing plant or machinery” U.K.

410“Business of leasing plant or machinery”U.K.

(1)A business carried on by the partnership is a business of leasing plant or machinery on the relevant day if condition A or B is met.

(2)Condition A is that at least half of the relevant plant or machinery value relates to [F1 plant or machinery falling within subsection (6)].

(3)Subsection (2) is supplemented by section 411.

[F2(4)Condition B is that at least half of the partnership's income in the past 12 months derives from plant or machinery falling within subsection (6).]

(5)Subsection (4) is supplemented by section 414.

[F3(6)Plant or machinery falls within this subsection if—

(a)it is or at any time in the past 12 months has been leased out by the partnership or a qualifying associate,

(b)the lease under which it is or has been leased out is a plant or machinery lease but not an excluded lease of background plant or machinery for a building (see section 437(3)), and

(c)if the plant or machinery satisfies paragraph (a) only because it is or has been leased out by a qualifying associate, the lessee under the lease is or was someone other than the partnership.

(7)For the purposes of subsection (6)—

(a)plant or machinery is “leased out” by a person if it is subject to a plant or machinery lease under which that person is a lessor,

(b)associate ” means a person who is a partner in the partnership or connected with a partner in the partnership (see also subsection (8)), and

(c)a person is a “qualifying associate” if the person is an associate at the start of the relevant day or at any earlier time in the past 12 months (whether or not a time when the plant or machinery was leased out by the person).

(8)In relation to a corporate partner who is owned by a consortium or is a qualifying 75% subsidiary of a company owned by a consortium, the reference in subsection (7)(b) to a person connected with a partner also includes—

(a)any member of the consortium, and

(b)any person connected with such a member.

(9)A reference in this section to the past 12 months is to the period of 12 months ending with the relevant day.]

Textual Amendments

F1Words in s. 410(2) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 11(2)

F2S. 410(4) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 11(3)

F3S. 410(6)-(9) substituted for s. 410(6)(7) (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 11(4)

411“Relevant plant or machinery value” for condition A in section 410U.K.

(1)This section applies for the purposes of condition A in section 410.

(2)The relevant plant or machinery value is the sum of the amounts in subsection (3), but subject to section 413 (relevant plant or machinery value where partnership lessee under long funding lease).

(3)The amounts are—

(a)the amounts (if any) that would be shown in respect of plant or machinery in the appropriate balance sheet of the partnership drawn up as at the start of the relevant day, and

(b)the amounts (if any) that would be shown in the appropriate balance sheet of the partnership drawn up as at the end of the relevant day in respect of relevant transferred plant or machinery.

(4)For the purposes of subsection (3)(b) plant or machinery is “relevant transferred plant or machinery” if an amount in respect of it would be shown in the appropriate balance sheet of any company mentioned in subsection (5) drawn up as at the start of the relevant day.

(5)Those companies are—

(a)the partner company,

(b)any company which is an associated company of the partner company on the relevant day (see section 430),

(c)any other corporate partner in relation to whose interest in the business there is a qualifying change on the relevant day,

(d)any other corporate partner in relation to which there is a qualifying change of ownership on the relevant day, and

(e)any company which is an associated company of any other corporate partner mentioned in paragraph (c) or (d) on the relevant day.

(6)For the purposes of subsection (5) “any other corporate partner” means a company which—

(a)carries on the business at the start of the relevant day, and

(b)is within the charge to corporation tax in respect of the business.

(7)This section is supplemented by section 412.

412Provision supplementing section 411U.K.

(1)For the purposes of section 411 and this section the amounts shown in the appropriate balance sheet of the partnership or, as the case may be, any company in respect of any plant or machinery are—

(a)the amounts shown in that balance sheet as the net book value (or carrying amount) in respect of the plant or machinery, and

(b)the amounts shown in that balance sheet as the net investment in respect of finance leases of the plant or machinery.

(2)If—

(a)any of the plant or machinery is a fixture in any land (see section 437(5)), and

(b)the amount which falls (or would fall) to be shown in an appropriate balance sheet as the net book value (or carrying amount) of the land includes (or would include) an amount in respect of the fixture,

the amount of the net book value (or carrying amount) in respect of the fixture is determined on a just and reasonable basis.

(3)If—

(a)any of the plant or machinery is subject to a finance lease (see section 437(4)), and

(b)any land or other asset which is not plant or machinery is subject to that lease,

the amount of the net investment in respect of the finance lease of that plant or machinery is determined on a just and reasonable basis.

(4)In section 411 and this section any reference to any amount shown in the appropriate balance sheet of the partnership or a company is to the amount which, on the assumptions in subsection (5), falls (or would fall) to be shown in a balance sheet of the partnership or, as the case may be, the company.

(5)The assumptions are that—

(a)the balance sheet is drawn up in accordance with generally accepted accounting practice, and

(b)if the partnership acquired any plant or machinery in circumstances in which this paragraph applies, the plant or machinery had been acquired for an amount equal to its [F4ascribed value] as at the relevant day.

(6)Paragraph (b) of subsection (5) applies if—

(a)the relevant day falls on or after 22 March 2006,

(b)the plant or machinery was acquired directly or indirectly from a person who was connected with the partnership when the acquisition took place, and

(c)either the acquisition took place on or after 5 December 2005 or the person from whom the plant or machinery was so acquired was also connected with the partnership on that date.

Textual Amendments

F4Words in s. 412(5)(b) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 12

413Relevant plant or machinery value where partnership lessee under long funding lease etcU.K.

(1)Any amount included in the amounts mentioned in section 411(2) in respect of plant or machinery to which this section applies is to be deducted from the sum mentioned in that section.

(2)But the [F5ascribed value] as at the relevant day of any plant or machinery to which this section applies is to be added to that sum or, if that sum is nil, is the relevant plant or machinery value.

(3)This section applies to plant or machinery if—

(a)condition A or B is met at the start of the relevant day, or

(b)the plant or machinery is acquired by the partnership from any company mentioned in section 411(5) on the relevant day and condition A or B is met at the end of that day.

(4)Condition A is that the partnership is the lessee of the plant or machinery under a long funding finance lease or a long funding operating lease.

(5)Condition B is that the partnership is treated as the owner of the plant or machinery under section 67 of CAA 2001 (hire purchase and similar contracts).

Textual Amendments

F5Words in s. 413(2) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 13

414Partnership's income for condition B in section 410U.K.

(1)This section applies for the purposes of condition B in section 410.

(2)The reference to the partnership's income is to its income as calculated for corporation tax purposes.

(3)Any apportionment necessary to determine the amount of the partnership's income attributable to the period of 12 months ending with the relevant day is to be made on a time basis.

(4)But—

(a)that basis does not apply if it would work in an unjust or unreasonable way in relation to any person, and

(b)in that case the apportionment is to be made instead on a just and reasonable basis.

(5)The proportion of the income that derives from [F6plant or machinery falling within section 410(6)] is to be determined on a just and reasonable basis.

Textual Amendments

F6Words in s. 414(5) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 14

“Qualifying change” in company's interest in a businessU.K.

415“Qualifying change” in company's interest in a businessU.K.

(1)For the purposes of the sales of lessors Chapters there is a qualifying change in a company's interest in a business on any day if its relevant percentage share at the end of the day is less than its relevant percentage share at the start of the day.

(2)In this section “relevant percentage share”, in relation to a company's interest in a business, means its percentage share in the profits or loss of the business (determined in accordance with section 416).

(3)For the purposes of this section any reference to a company's share in the profits or loss of the business includes a nil share (whether as a result of the dissolution of the partnership or otherwise).

416Determining the percentage share in the profits or loss of businessU.K.

(1)For the purposes of this Chapter a company's percentage share in the profits or loss of a business at any time is determined on a just and reasonable basis.

(2)In making that determination, regard must be had, in particular, to any matter that would be taken into account in determining under section 1262 of CTA 2009 (but without regard to sections 1263 and 1264 of that Act) the company's share at that time in the profits or loss of the business.

Qualifying changes in partner company's interest in businessU.K.

417Partner company's income and other companies' matching expenseU.K.

(1)This section applies if on any day (“the relevant day”)—

(a)the partner company carries on a business of leasing plant or machinery in partnership with other persons,

(b)the partner company is within the charge to corporation tax in respect of the business, and

(c)there is a qualifying change in the partner company's interest in the business on the relevant day (see sections 415 and 416).

(2)On the relevant day—

(a)the partner company is treated as receiving an amount of income, and

(b)any other company which carries on the business on that day and which is within the charge to corporation tax in respect of the business is treated as incurring an expense.

(3)The income—

(a)is treated as a receipt of the partner company's notional business (see subsection (6)), and

(b)is brought into account in calculating for corporation tax purposes the profits of that business for the accounting period in which it is treated as received.

(4)Except where subsection (5) applies, the expense—

(a)is treated as an expense of the other company's notional business, and

(b)is allowed as a deduction in calculating for corporation tax purposes the profits of that business for the accounting period in which it is treated as incurred.

(5)If at the end of the relevant day the other company is the only person carrying on the business, the expense—

(a)is treated as an expense incurred by the other company in its carrying on of the business (at a time when it is the only person carrying it on), and

(b)is allowed as a deduction in calculating for corporation tax purposes the profits of the business for the accounting period in which it is treated as incurred.

(6)In this Chapter a company's “notional business” means the business the profits or losses of which are determined, in relation to the company, under section 1259 of CTA 2009 (calculation of firm's profits and losses).

(7)This section is supplemented by sections 418 and 419.

(8)This section is subject to section 420 (exception: companies carrying on business ceasing to share in its profits).

418Amount of income and expenseU.K.

(1)The amount of the income under section 417 is calculated in accordance with sections 421 to 423.

(2)The amount of the expense of the other company under section 417 is calculated in accordance with section 424.

419Relief for expense otherwise giving rise to carried forward lossU.K.

(1)This section applies if—

(a)a company is treated under section 417(5) as incurring an expense in an accounting period of the company (“period 1”),

(b)the company makes a loss in period 1 or a later accounting period,

(c)apart from this section some or all of that loss (“the carried forward loss”) would be carried forward to the next accounting period of the company after the accounting period in which the loss is made (“the subsequent period”),

(d)some or all of the carried forward loss (“the derived loss”) derives from—

(i)the expense under section 417(5), or

(ii)an expense treated as arising under subsection (2) and allowed as a deduction for the accounting period in which the loss is made, and

(e)the subsequent period starts within the period of 5 years beginning with the relevant day within the meaning of section 417 and does not start as a result of section 383 or 425.

(2)Instead of being so carried forward, the derived loss is to be treated for corporation tax purposes as giving rise to an expense of an amount equal to—

where—

DL is the derived loss,

D is the number of days in the accounting period in which the loss is made, and

R is the percentage rate applicable to section 826 of ICTA under section 178 of FA 1989.

(3)The amount of the expense under this section is allowed as a deduction in calculating for corporation tax purposes the profits of the business for the subsequent period.

(4)For the purpose of determining how much of a loss derives from an expense under section 417(5) or an expense within subsection (1)(d)(ii), the loss is to be calculated on the basis that that expense is the final amount to be deducted.

420Exception: companies carrying on business ceasing to share in its profitsU.K.

(1)Section 417 does not apply if conditions A, B and C are met.

(2)Condition A is that at the end of the relevant day none of the companies by which the business was carried on any longer has any share in the profits or loss of the business.

(3)Condition B is that, in consequence of what happens on the relevant day, the disposal value of all the plant and machinery that was used for the purposes of the business and in respect of which capital allowances have been claimed is to be brought into account under section 61 of CAA 2001.

(4)Condition C is that the disposal value to be brought into account in relation to all the plant or machinery is the price that the plant or machinery would fetch in the open market on that day.

421The amount of the income: the basic amountU.K.

(1)This section determines the amount of the income under section 417 when a qualifying change in the interest of the partner company in a business of leasing plant or machinery occurs on any day (“the relevant 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 such adjustment to the basic amount as is required in accordance with section 422 or 423.

(3)The formula is—

(4)In this section “PM” has the meaning given by section 400, but—

(a)reading any reference in that section to the relevant company as a reference to the partnership, and

(b)reading the reference in section 400(4) to an associated company as a reference to a qualifying company (see subsection (7)).

(5)In this section “TWDV” means the sum of—

(a)the total amount of unrelieved qualifying expenditure in single asset pools for the new chargeable period that would be carried forward in the pools from the old chargeable period under section 59 of CAA 2001 (unrelieved qualifying expenditure),

(b)the total amount of unrelieved qualifying expenditure in class pools for the new chargeable period that would be carried forward in the pools from the old chargeable period under that section, and

(c)the amount of unrelieved qualifying expenditure in the main pool for the new chargeable period that would be carried forward in the pool from the old chargeable period under that section.

(6)For the purposes of subsection (5)—

(a)it is to be assumed that the chargeable period (within the meaning of CAA 2001) of the partnership ends on the relevant day (“the old chargeable period”) and a new one begins on the following day (“the new chargeable period”), and

[F7(b)in calculating the amounts of unrelieved qualifying expenditure mentioned in subsection (5)(a) to (c), any part of those amounts that is relevant new expenditure is to be left out of account.]

[F8(6A)Relevant new expenditure” means—

(a)expenditure attributable to plant or machinery acquired by the partnership on the relevant day except for plant or machinery acquired on that day from a qualifying company, and

(b)expenditure incurred on the relevant day but attributable to plant or machinery acquired by the partnership before that day.

(6B)In subsection (6A)—

(a)acquired ” includes brought into use or made available for use for the first time for the purposes of the business, and

(b)a reference to anything acquired or incurred includes anything treated as acquired or treated as incurred.]

(7)In this section “qualifying company” means each of the following—

(a)the partner company,

(b)any company which is an associated company of the partner company on the relevant day,

(c)any other corporate partner in relation to whose interest in the business there is a qualifying change on the relevant day,

(d)any other corporate partner in relation to which there is a qualifying change of ownership on the relevant day, and

(e)any company which is an associated company of any other corporate partner mentioned in paragraph (c) or (d) on the relevant day.

(8)For the purposes of subsection (7) “any other corporate partner” means a company which—

(a)carries on the business at the start of the relevant day, and

(b)is within the charge to corporation tax in respect of the business.

Textual Amendments

F7S. 421(6)(b) substituted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 15(2)

F8S. 421(6A)(6B) inserted (with effect in accordance with Sch. 6 para. 27 of the amending Act) by Finance Act 2011 (c. 11), Sch. 6 para. 15(3)

422Amount to be nil if basic amount negativeU.K.

If the basic amount given by the formula in section 421(3) is a negative amount, the amount is taken instead to be nil.

423Adjustment to the basic amountU.K.

(1)The amount of the company's income under section 417 is limited to the appropriate percentage of the basic amount.

(2)The appropriate percentage is found by subtracting the company's relevant percentage share at the end of the day on which it is treated as receiving the income from its relevant percentage share at the start of the day.

(3)In this section “relevant percentage share” has the same meaning as it has for the purposes of section 415 (see subsection (2) of that section).

424The amount of expenseU.K.

(1)This section applies if, as a result of a qualifying change in the partner company's interest in a business on any day—

(a)the company is treated as receiving an amount of income under section 417 on that day,

(b)any other company is treated as incurring an expense under that section on that day,

(c)the other company's percentage share in the profits or loss of the business is greater at the end than at the start of that day, and

(d)the increase (or any part of the increase) is wholly attributable to the change in the partner company's interest in the business.

(2)Except where subsection (4) applies, the amount of the expense of the other company is limited to the appropriate percentage of the amount of the income.

(3)The appropriate percentage is—

where—

OCI is the increase in the other company's percentage share in the profits or loss of the business that is wholly attributable to the change in the partner company's interest in the business, and

PCD is the decrease in the partner company's percentage share in the profits or loss of the business.

(4)If section 417(5) applies (business carried on by the other company alone), the amount of the expense of the other company is equal to the amount of the income.

(5)For the purposes of this section any reference to an increase in the other company's percentage share in any profits or loss of the business includes an increase from a nil share (whether as a result of its becoming a partner or otherwise).

Qualifying changes of ownership in relation to partner companyU.K.

425Partner company's income and matching expense in different accounting periodsU.K.

(1)This section applies if on any day (“the relevant day”)—

(a)a company carries on a business of leasing plant or machinery in partnership with other persons (see sections 410 to 414),

(b)the company is within the charge to corporation tax in respect of the business, and

(c)there is a qualifying change of ownership in relation to the company.

(2)On the relevant day—

(a)the company is treated as receiving an amount of income, and

(b)the accounting period of the company ends.

(3)The income—

(a)is treated as a receipt of the company's notional business (see section 417(6)), and

(b)is brought into account in calculating for corporation tax purposes the profits of that business for that accounting period.

(4)On the day following the relevant day—

(a)the company is treated as incurring an expense, and

(b)a new accounting period of the company begins.

(5)The expense—

(a)is treated as an expense of the company's notional business, and

(b)is allowed as a deduction in calculating for corporation tax purposes the profits of that business for that new accounting period.

(6)This section is supplemented by sections 426 to 428.

426Amount of income and expenseU.K.

(1)The amount of the income under section 425 is calculated in accordance with section 429.

(2)The amount of the expense under section 425 is the same as the amount of the income.

427[F9No carry back of loss against the income]U.K.

(1)This section applies if the notional business carried on by the company is a trade carried on wholly or partly in the United Kingdom the profits of which are chargeable to corporation tax under Chapter 2 of Part 3 of CTA 2009 (trading income).

[F10(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) [F11or section 45F (relief for terminal trade losses)] 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.]

Textual Amendments

F9Words in s. 427 heading substituted (with effect in accordance with s. 24(9) of the amending Act) by Finance Act 2012 (c. 14), s. 24(6)(b)

F10S. 427(2)(3) substituted (with effect in accordance with s. 24(9) of the amending Act) by Finance Act 2012 (c. 14), s. 24(6)(a)

F11Words in s. 427(2) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 166

428Relief for expense otherwise giving rise to carried forward lossU.K.

(1)This section applies if—

(a)there is a qualifying change of ownership in relation to a company on any day (“the relevant day”),

(b)on the following day the company is treated under section 425 as incurring an expense of a business and an accounting period of the company (“period 1”) begins,

(c)the company makes a loss in period 1 or a later accounting period,

(d)apart from this section some or all of that loss (“the carried forward loss”) would be carried forward to the next accounting period of the company after the accounting period in which the loss is made (“the subsequent period”),

(e)some or all of the carried forward loss (“the derived loss”) derives from—

(i)the expense under section 425, or

(ii)an expense treated as arising under subsection (2) and allowed as a deduction for the accounting period in which the loss is made, and

(f)the subsequent period starts within the period of 5 years beginning immediately after the relevant day and does not start as a result of section 383 or 425.

(2)Instead of being so carried forward, the derived loss is to be treated for corporation tax purposes as giving rise to an expense of an amount equal to—

where—

DL is the derived loss,

D is the number of days in the accounting period in which the loss is made, and

R is the percentage rate applicable to section 826 of ICTA under section 178 of FA 1989.

(3)The amount of the expense under this section is allowed as a deduction in calculating for corporation tax purposes the profits of the business for the subsequent period.

(4)For the purpose of determining how much of the carried forward loss derives from the expense under section 425 or an expense within subsection (1)(e)(ii), the loss is to be calculated on the basis that that expense is the final amount to be deducted.

429The amount of the incomeU.K.

(1)This section determines the amount of the income under section 425 when a qualifying change of ownership in relation to a company carrying on a business of leasing plant or machinery in partnership with other persons occurs on any day (“the relevant day”).

(2)The amount of the income is found by first—

(a)applying the formula in section 421(3) to give the basic amount (as if the company were “the partner company” mentioned in section 421), and

(b)making any adjustment in accordance with any of sections 404 to 406 to the basic amount.

(3)The amount is then limited to the appropriate percentage of the amount given as a result of subsection (2).

(4)If there is no qualifying change in the company's interest in the business on the relevant day, the appropriate percentage is the percentage share of the company in the profits or loss of the business on the relevant day.

(5)If there is a qualifying change in the company's interest in the business on the relevant day, the appropriate percentage is the percentage share of the company in the profits or loss of the business at the end of the relevant day.

InterpretationU.K.

430“Associated company”U.K.

(1)This section gives the meaning of “associated company” for the purposes of this Chapter.

(2)A company is an “associated company” of another company on any day if, at the start of that day—

(a)one of the two has control of the other, or

(b)both are under the control of the same person or persons.

(3)Section 450 (meaning of “control” for the purposes of Part 10 (close companies)) applies for the purposes of subsection (2).

(4)Subsections (5) and (6) apply if, at the start of any day, a company (“the consortium company”)—

(a)is owned by a consortium, or

(b)is a qualifying [F1275%] subsidiary of a company owned by a consortium.

(5)If there is any qualifying change in the consortium company's interest in a business on that day, references to an associated company of the consortium company on that day include—

(a)any member of the consortium at the start of that day, and

(b)any company which is an associated company of any such member on that day.

(6)If there is any qualifying change of ownership in relation to the consortium company on that day, but there is no qualifying change in its interest in a business on that day, references to an associated company of the consortium company on that day include—

(a)any relevant member of the consortium on that day, and

(b)any company which is an associated company of any relevant member of the consortium on that day.

(7)For the purposes of subsection (6) a member of the consortium is a “relevant” member on the day on which the qualifying change of ownership occurs if—

(a)it is a member of the consortium at the start of the day, and

(b)the change is a relevant change within section 394(2), (6) or (8) (consortium relationships) in relation to which the member is regarded as “E” for the purposes of section 394.

Textual Amendments

F12Figure in s. 430(4)(b) substituted (with effect in accordance with s. 29(8) of the amending Act) by Finance Act 2010 (c. 13), s. 29(6)

431“Profits” and “loss”U.K.

(1)In this Chapter “profits” does not include chargeable gains.

(2)References in this Chapter to “loss” are to be read accordingly.

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