Related Commentary  

417(1)  This section applies if on any day (“the relevant day”)–

(a)the partner company carries on a business of leasing plant or machinery in partnership with other persons,

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

(c)there is a qualifying change in the partner company's interest in the business on the relevant day (see sections 415 and 416).

417(2)  On the relevant day–

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

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