Corporation Tax Act 2010 section 382

Introduction to Chapter

Section 382 introduces Chapter 3, which deals with the tax consequences when there is a significant change in the ownership relationship of a company that carries on a plant or machinery leasing business on its own (not in partnership).

• Chapter 3 applies when there is a relevant change in the relationship between a company carrying on a plant or machinery leasing business (not in partnership) and its principal company
• The meaning of "business of leasing plant or machinery" is defined in sections 387 to 391
• The meaning of "relevant change in the relationship between a company and a principal company" is defined in sections 392 to 394
• Where the leasing company operates in partnership with others and there is a qualifying change of ownership, separate rules in Chapter 4 apply instead