s 228C S's income or profits: termination of leaseback
(1) Subsection (2) applies where the leaseback terminates. (2) For the purpose of the calculation of income tax or corporation tax, the income or profits of S from the relevant qualifying activity for the period in which the termination occurs shall be increased by an amount calculated in accordance with subsection (3). (3) The calculation is— where— “ Original Consideration ” means the consideration payable to S for granting B rights over the plant or machinery, “ Current Book Value ” means the net book value of the leased plant or machinery immediately before the termination, and “ Original Book Value ” means the net book value of the leased plant or machinery at the beginning of the leaseback. (4) In this section “ relevant qualifying activity ” means the qualifying activity for the purposes of which the leased plant or machinery was used immediately before the termination. (5) Section 228B has no effect on the treatment for the purposes of income tax or corporation tax of amounts received by way of refund on the termination of a leaseback of amounts payable under it. (6) In subsection (5), “ amounts received by way of refund ” includes any amount that would be so received in respect of S's interest under the leaseback if any amounts due to B (or, where appropriate, an assignee of B) under the leaseback were disregarded.