(1) In this section -
'asset' means machinery or plant;
'fair value', in relation to a leased asset, means an amount equal to such consideration as might be expected to be paid for the asset at the inception of the lease on a sale negotiated on an arm's length basis, less any grants receivable by the lessor towards the purchase of the asset;
'group limit' means an amount determined by the formula -
A + (B × (C - D) /C)
where -
A is the threshold amount,
B is an aggregate amount computed in accordance with generally accepted accounting practice charged to the profit and loss account for all companies who are members of the group for the period of account which is the same as the specified period in respect of the amortisation or impairment of the cost of specified assets,
C is the cost of specified assets owned by all companies who are members of the group at the end of the specified period, and
D is the lesser of the cost of specified assets owned by all companies who are members of t
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