# Corporation Tax Act 2010, Section 132: Consortium condition 1


(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.

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Source: https://www.legislation.gov.uk/ukpga/2010/4/section/132 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2010/section-132
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.