Corporation Tax Act 2010 section 418

Amount of income and expense

Section 418 directs you to the relevant rules for calculating the income and expense amounts that arise when a partner company's leasing business is sold and the consequences under section 417 need to be quantified.

• The income amount to be recognised by the partner company under section 417 is calculated using the rules in sections 421 to 423.
• Sections 421 to 423 establish a basic amount of income and then apply adjustments to arrive at the final figure.
• The matching expense amount for the other company under section 417 is calculated using the rules in section 424.
• This section is purely a signpost — the substantive calculation rules sit in sections 421 to 424.