Section 397 Companies owned by consortiums and members of consortiums

(1)

This section defines what a company being owned by, or a member of, a consortium means for the purposes of the sales of lessors Chapters.

(2)

A company is owned by a consortium if—

(a)

it is not a qualifying 75% subsidiary of any company,

(b)

at least 75% of its ordinary share capital is beneficially owned between them by other companies, and

(c)

none of those other companies owns less than 5% of that capital.

(3)

Those other companies are the members of the consortium.

Notes on “Qualifying change of ownership”

F1: S. 394A and cross-heading inserted (with effect in accordance with Sch. 18 para. 9 of the amending Act) by Finance Act 2010 (c. 13), Sch. 18 para. 5