SCHEDULE 18 Sale of Lessors: Election Out of Charge
Finance Act 2010 (2010 c 13) | Legislation

SCHEDULE 18 Sale of Lessors: Election Out of Charge

Section 61

Main changes

1

Chapter 3 of Part 9 of CTA 2010 (sale of lessors: leasing business carried on by company alone) is amended as follows.

2

(1)     Section 382 (introduction to Chapter) is amended as follows.

(2)     In subsection (1)—

(a)     for “qualifying change of ownership in relation to†substitute “relevant change in the relationship betweenâ€, and

(b)     insert at the end “and a principal company of the company.â€

(3)     In subsection (3), for ““qualifying change of ownershipâ€, see sections 392 to 398.†substitute ““relevant change in the relationship between a company and a principal company of the companyâ€, see sections 392 to 394.â€

3

In section 383 (income and matching expense in different accounting periods), after subsection (1) insert—

“(1A)     For the meaning of “qualifying change of ownershipâ€, see sections 394A to 398Aâ€

4

For section 392 (and the italic heading before it) substitute—

““Relevant change in relationshipâ€
“392 Relevant change in relationshipâ€

For the purposes of the sales of lessors Chapters there is a relevant change in the relationship between a company (“Aâ€) and a principal company

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