Part 9 Leasing plant or machinery

Chapter 3 Sales of lessors: leasing business carried on by a company alone

The amount of the income

399 The amount of the income: the basic amount
(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—
PM−TWDV
(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).