Related Commentary  

383(1)  This section applies if on any day (“the relevant day”)–

(a)a company carries on a business of leasing plant or machinery otherwise than in partnership,

(b)the company is within the charge to corporation tax in respect of the business, and

(c)there is a qualifying change of ownership in relation to the company.

383(1A)  For the meaning of “qualifying change of ownership”, see sections 394A to 398A.

383(2)  On the relevant day–

(a)the company is treated as receiving an amount of income, and

(b)the accounting period of the company ends.

383(3)  The income–

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