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HMRC internal manual

Business Leasing Manual

Sale of lessor companies and similar arrangements: business of leasing plant or machinery: adjustments to the balance sheet figures: value of plant or machinery assets acquired from connected parties

Section 389 CTA2010

Where any assets have been transferred to the company from a connected party the calculation is made substituting market value on the relevant day if the relevant day falls before 23 March 2011 or the ascribed value if the relevant day falls on or after 23 March 2011. This prevents companies from manipulating the balance sheet value of assets on transfer in order to manipulate the level of any charge arising. This adjustment is not made if the relevant day falls before 22 March 2006.