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Legislation
Corporation Tax Act 2010

Crossheading The amount of the income

  • Section 399 The amount of the income: the basic amount
  • Section 400 “PM” in section 399
  • Section 401 Provisions supplementing section 400
  • Section 402 “PM” where relevant company lessee under long funding lease etc
  • Section 403 “TWDV” in section 399
  • Section 404 Amount to be nil if basic amount negative
  • Section 405 Adjustment to the basic amount: qualifying 75% subsidiaries
  • Section 406 Adjustment to the basic amount: consortium relationships
  • Section 407 Migration
  1. The amount of the income
  2. Migration

Section 407 | Migration

From legislation.gov.uk

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

(a)a company begins to be within the charge to corporation tax in respect of a business of leasing plant or machinery which it carries on otherwise than in partnership, and

(b)a qualifying change of ownership in relation to the company occurs.

(2)For the purposes of this Chapter, any plant or machinery is to be ignored in calculating the amount of the income treated as received on the relevant day if an amount would be shown in respect of it in a balance sheet of the company drawn up immediately before that day in accordance with generally accepted accounting practice.

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