Section 395 | No qualifying change of ownership in certain intra-group reorganisations

(1)This section applies if—

(a)a relevant change in the relationship between a company (“A”) and a principal company of A occurs on any day,

(b)that change occurs by reference to A or any other company ceasing to be a qualifying 75% subsidiary on that day, and

(c)A, and every company by reference to which that change occurs, are qualifying 75% subsidiaries of the principal company concerned at the start and end of that day.

(2)For the purposes of the sales of lessors Chapters, there is no qualifying change of ownership in relation to A on that day as a result of that change in the relationship.