Corporation Tax Act 2010 section 358

Introduction to Part

Section 358 provides an overview of Part 9, which deals with the taxation of leasing transactions involving companies, including long funding leases and the rules that apply when ownership of or interests in leasing businesses change.

• Part 9 covers the corporation tax treatment of companies involved in leasing plant or machinery, whether as lessors or lessees under long funding leases (Chapter 2).
• Chapters 3 to 6, known collectively as "the sales of lessors Chapters", set out the tax consequences when there is a qualifying change of ownership of a company carrying on a plant or machinery leasing business, or a qualifying change in that company's interest in such a business.
• Chapter 3 applies where the company carries on the leasing business on its own; Chapter 4 applies where it carries on the business in partnership, covering both changes in the company's interest and changes of ownership.
• Chapter 5 contains anti-avoidance provisions, and Chapter 6 provides general definitions and interpretation rules for the sales of lessors Chapters.