»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp guidance is arranged in six parts:

Part 1, BLM80100 onwards, covers the meaning of a ‘business of leasing plant or machinery�.

Part 2, BLM80300 onwards, covers the meaning of a ‘qualifying change in ownership�.

Part 3, BLM80500 onwards covers the calculation of the amount of income.

Part 5, BLM81000 onwards, covers situations when a company in partnership carries on the leasing business.

Part 6, BLM82000 onwards covers anti avoidance provisions and miscellaneous matters.

»Ê¹ÚÌåÓýapp sale of lessor company provisions have effect for transactions on or after 5 December 2005. »Ê¹ÚÌåÓýappre have been a number of changes to the legislation since that date and you should follow the guidance that reflects the statutory position at the time of the relevant transaction.

Summary of changes:

22 November 2006 - changes to the anti avoidance provisions dealing with balance sheet values and the scope of legislation dealing with a succession to a trade of leasing carried on by a company alone.

31 March 2007 - further changes to the scope of legislation dealing with a succession to a trade of leasing to encompass trades carried on by companies in partnership.

13 November 2008 - changes to the balance sheet values of assets leased in under long funding leases.

22 April 2009 - changes to permit more flexible access to the expense amount

9 December 2009 - changes to provisions dealing with consortia and the introduction of the election out.

23 March 2010 - changes to the terms of the election out.

23 March 2011 - changes to the test to establish whether a company carries on a business of leasing plant or machinery, changes to the method of valuing certain balance sheet assets and changes to the anti avoidance provisions.

21 March/23 April 2012 - changes to the meaning of relevant change in relationship to encompass companies joining a tonnage tax group.

In cases of doubt or difficulty you should contact CS&TD for further advice.