Related Commentary  Related HMRC Manuals

399(1)  This section determines the amount of the income under section 383 when a qualifying change of ownership in relation to a company carrying on a business of leasing plant or machinery occurs on any day.

399(2)  The amount of the income is found by–

(a)applying the formula in subsection (3) to give the basic amount, and

(b)making any adjustment in accordance with any of sections 404 to 406 to the basic amount.

399(3)  The formula is–

PM − TWDV

399(4)  For this purpose–

“PM” has the meaning given by sections 400 to 402, and

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