425(1)  This section applies if on any day (“the relevant day”)–

(a)a company carries on a business of leasing plant or machinery in partnership with other persons (see sections 410 to 414),

(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.

425(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.

425(3)  The income–

(a)is treated as a receipt of the company's notional business (see section 417(6)), and

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