# Corporation Tax Act 2010, 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.

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Source: https://www.legislation.gov.uk/ukpga/2010/4/section/397 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2010/section-397
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.