(d) the main
business of the former subsidiary was to lease assets; and
(e) all or part of the lease period occurred on or after 22 February 1999; and
(f) on or after that day, the direct or indirect beneficial ownership of more than 50% of the
shares in the former subsidiary is acquired by an entity or entities none of which is a member of the wholly-owned group; and
(g) the plant
written down value at the time of that acquisition is less than its market value at that time.
However, the former subsidiary is not treated as if it had disposed of
plant and reacquired it if the main business of each of the entities that acquired the direct or indirect beneficial ownership of
shares in the former subsidiary is the same as the main business of the
wholly-owned group of which the former subsidiary was a member.
The disposal and reacquisition of the
(a) is taken to have occurred when that direct or indirect beneficial ownership was acquired; and
(b) is taken not to have affected any lease of the plant.