Section 188CI Consortium condition 4F1

(1)

Consortium condition 4 is met 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 not a member of the consortium,

(d)

the claimant company is a member of the same group of companies as a third company (“the link company”),

(e)

the link company is a member of the consortium, and

(f)

the claimant company and the surrendering company are both UK related.

(2)

But consortium condition 4 is not met if a profit on a sale within subsection (3) by the link company would be a trading receipt of that company.

(3)

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

(a)

the share capital the link company owns in the surrendering company, or

(b)

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

Annotations

Textual amendments

F1: Pt. 5A inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 23

Notes on Part 5A

Modifications

C1: Pt. 5A 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))