Section 267A | Restriction on effect of election ^F1

(1)This section applies for corporation tax purposes if—^F1

(a)on any day (“the relevant day”) a person (“the predecessor”) carries on a business of leasing plant or machinery,^F1

(b)on the relevant day another person (“the successor”) succeeds to the business, and^F1

(c)the predecessor and the successor make an election under section 266.^F1

(2)Neither—^F1F2

(a)section 266(7), nor^F1

(b)the provisions of section 267,^F1

have effect in relation to any plant or machinery which, in determining whether the business is a business of leasing plant or machinery on the relevant day, falls within section 387(7) of CTA 2010 (if the business is carried on otherwise than in partnership) or within section 410(6) of that Act (if the business is carried on in partnership).

(3)In this section “business of leasing plant or machinery”—^F1

(a)has the same meaning as in Chapter 3 of Part 9 of CTA 2010 (if the business is carried on otherwise than in partnership), or^F1F3

(b)has the same meaning as in Chapter 4 of that Part (if the business is carried on in partnership).^F1F4