Section 188CF | Consortium condition 1 ^F1

(1)Consortium condition 1 is met if—

(a)the claimant company is a trading company or a holding company,

(b)the claimant company is owned by a consortium,

(c)the surrendering company is a member of the consortium, and

(d)both companies are UK related.

(2)But consortium condition 1 is not met if a profit on a sale within subsection (3) by the surrendering company would be a trading receipt of the surrendering company.

(3)A sale is within this subsection if it is a sale of—

(a)the share capital the surrendering company owns in the claimant company, or

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