Section 132 Consortium condition 1C1

(1)

Consortium condition 1 is met if subsection (2) or (3) applies.

(2)

This subsection applies if—

(a)

the surrendering company is a trading company or a holding company,

(b)

the surrendering company is owned by a consortium,

(c)

the claimant company is a member of the consortium, and

(d)

both companies are UK related.

(3)

This subsection applies if—

(a)

the claimant company is a trading company or a holding company,

(b)

the claimant company is owned by a consortium,

(c)

the surrendering company is a member of the consortium, and

(d)

both companies are UK related.

(4)

But consortium condition 1 is not met if a profit on a sale within subsection (5) by the company that is the member of the consortium would be a trading receipt of the member.

(5)

A sale is within this subsection if it is a sale of—

(a)

the share capital the member owns in the company owned by the consortium, or

(b)

if that company is owned by the consortium as a result of section 153(3) (consortiums involving holding companies), the share capital the member owns in the holding company in question.

Annotations

Modifications

C1: Pt. 5 modified by 2009 c. 4, s. 1218ZDB(2) (as inserted (for specified purposes and with effect in accordance with Sch. 6 paras. 20, 21(1)(a) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 1 (with Sch. 6 para. 21(3)))

Notes on Part 5

Modifications

C1: Pt. 5 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 125 (with s. 147, Sch. 17)
C2: Pt. 5 excluded (with effect in accordance with Sch. 18 para. 63 of the amending Act) by Finance Act 2016 (c. 24), Sch. 18 para. 20(5)
C4: Pt. 5 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), regs. 1(1), 10, 11
C5: Pt. 5 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 47(4)
C6: Pt. 5 excluded (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), s. 1(5)(e) (with ss. 15(1), 16(1))

Notes on Chapter 4

Modifications

C2: Pt. 5 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 47(4)
C3: Pt. 5 excluded (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), s. 1(5)(e) (with ss. 15(1), 16(1))