Corporation Tax Act 2010 section 411

"Relevant plant or machinery value" for condition A in section 410

Section 411 explains how to calculate the "relevant plant or machinery value" used in condition A of the test for determining whether a partnership is carrying on a business of leasing plant or machinery.

• The relevant plant or machinery value is calculated by adding together the value of plant or machinery on the partnership's balance sheet at the start of the relevant day, plus the value of any "relevant transferred plant or machinery" shown on the partnership's balance sheet at the end of that day.
• "Relevant transferred plant or machinery" is plant or machinery that, at the start of the relevant day, appeared on the balance sheet of specified companies — including the partner company, its associates, other corporate partners undergoing qualifying changes, and their associates.
• An "other corporate partner" for these purposes is a company that is carrying on the partnership business at the start of the relevant day and is within the charge to corporation tax on that business.
• The calculation may be adjusted where the partnership is a lessee under a long funding lease, as provided for separately in section 413, and further supplementary rules are set out in section 412.