Section 148 | Conditions 1 and 2: surrendering company in group of companies

(1)This section applies if—

(a)the claimant company makes a claim for group relief based on consortium condition 1,

(b)it is the surrendering company that is owned by the consortium, and

(c)the surrendering company is also a member of a group of companies.

(2)This section also applies if—

(a)the claimant company makes a claim for group relief based on consortium condition 2, and

(b)the surrendering company is a member of a group of companies.

(3)In the case of the claim (“the current claim”) the surrendering company’s surrenderable amounts for the surrender period are to be treated as reduced (but not below nil) by the group’s potential relief.^F1

(5)The group's potential relief is the maximum amount of group relief that could be given if every claim that could be made based on the group condition in respect of the surrenderable amounts was in fact made (and for this purpose it is to be assumed that the maximum possible claim is made in each case).

(6)Before determining the maximum amount of potential group relief under subsection (5), take account of any claim made before the current claim that—

(a)is a claim for group relief based on the group condition, and

(b)is in relation to losses or other amounts surrendered by a member of the same group of companies as the surrendering company (other than the surrendering company itself).