Section 188CI | Consortium condition 4

(1)Consortium condition 4 is met if—

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

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

(c)the claimant company is not a member of the consortium,

(d)the claimant company is a member of the same group of companies as a third company (“the link company”),

(e)the link company is a member of the consortium, and

(f)the claimant company and the surrendering company are both UK related.

(2)But consortium condition 4 is not met if a profit on a sale within subsection (3) by the link company would be a trading receipt of that company.

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

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

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