Section 212E | Principal companies ^F1

(1)A company (“U”) is a principal company of C if—^F1

(a)C is a qualifying 75% subsidiary of U, and^F1

(b)U is not a qualifying 75% subsidiary of another company.^F1

(2)A company (“V”) is a principal company of C if—^F1

(a)C is a qualifying 75% subsidiary of U,^F1

(b)U is a qualifying 75% subsidiary of V, and^F1

(c)V is not a qualifying 75% subsidiary of another company.^F1

(3)If V is a qualifying 75% subsidiary of another company (“W”), W is a principal company of C unless W is a qualifying 75% subsidiary of another company, and so on.^F1

(4)A company (“X”) is a principal company of C if—^F1

(a)C is owned by a consortium of which X is a member, or^F1

(b)C is a qualifying 75% subsidiary of a company owned by a consortium of which X is a member,^F1

and X is not a qualifying 75% subsidiary of another company.

(5)A company (“Y”) is a principal company of C if—^F1

(a)C is owned by a consortium of which X is a member, or^F1

(b)C is a qualifying 75% subsidiary of a company owned by a consortium of which X is a member,^F1

and X is a qualifying 75% subsidiary of Y but Y is not a qualifying 75% subsidiary of another company.

(6)If Y is a qualifying 75% subsidiary of another company (“Z”), Z is a principal company of C unless Z is a qualifying 75% subsidiary of another company, and so on.^F1

(7)A company that is a principal company of C by virtue of any of subsections (4) to (6) is a consortium principal company of C.^F1