Section 261A Special leasing: leasing partnershipsF1
United Kingdom
This section applies for corporation tax purposes if—
a company carries on a business in partnership with other persons in a chargeable period of the partnership,
the business (“the leasing business”) is, on any day in that period, a business of leasing plant or machinery,
the company is entitled to an allowance under section 19 (special leasing of plant or machinery) for any chargeable period comprised (wholly or partly) in the chargeable period of the partnership, and
the interest of the company in the leasing business during the chargeable period of the partnership is not determined on an allowable basis.
Subsections (3) to (6) of section 260 do not apply in relation to the allowance.
For the purposes of this section—
“business of leasing plant or machinery” has the same meaning as in F2Chapter 4 of Part 9 of CTA 2010 (sales of lessors: leasing business carried on by a company in partnership), and
F3section 887 of CTA 2010 applies for determining whether the interest of the company in the leasing business during the chargeable period of the partnership is determined on an allowable basis.
Annotations
Textual amendments
- F1
S. 261A inserted (with effect in accordance with s. 83(4)-(6) of the amending Act) by Finance Act 2006 (c. 25), s. 83(3)
- F2
Words in s. 261A(3)(a) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 351(a) (with Sch. 2)
- F3
Words in s. 261A(3)(b) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 351(b) (with Sch. 2)
Notes on Part 2
Modifications
- C1
Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 3 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
- C2
Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 10, 22 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1
- C3
Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 9(2), 21(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1) , Sch. 1
- C4
Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 4 ; S.I. 2004/2575 , art. 2(1) , Sch. 1
- C5
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19
- C6
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35
- C7
Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37
- C8
Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24
- C9
Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))
- C10
Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)