Section 358 | Introduction to Part

(1)This Part makes provision about the taxation of leasing transactions involving companies.

(2)Chapter 2 makes provision about the treatment for corporation tax purposes of companies which are lessors or lessees under long funding leases of plant or machinery.

(3)The sales of lessors Chapters make provision about the taxation of a company which is within the charge to corporation tax in respect of a business of leasing plant or machinery (within the meaning of Chapter 3 or 4)—

(a)on the sale of, or certain other changes in interests in, the company, and

(b)in certain circumstances where the company's interest in the business changes.

(4)In this Part “the sales of lessors Chapters” means Chapters 3 to 6.

(5)In the sales of lessors Chapters—

(a)Chapter 3 deals with the case of a qualifying change of ownership in relation to the company where it carries on the business otherwise than in partnership,

(b)Chapter 4 deals with—

(i)the case of a qualifying change in the company's interest in the business where it carries on the business in partnership with other persons, and

(ii)the case of a qualifying change of ownership in relation to any such company,

(c)Chapter 5 contains anti-avoidance provisions, and

(d)Chapter 6 provides for the general interpretation of those Chapters.

(6)For the meaning of “qualifying change of ownership” in the sales of lessors Chapters, see sections 392 to 398.

(7)For the meaning of “qualifying change in a company's interest in a business” in Chapter 4, see section 415.