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Legislation
Corporation Tax Act 2010

Crossheading “Qualifying change of ownership”

  • Section 394A “Qualifying change of ownership”
  • Section 395 No qualifying change of ownership in certain intra-group reorganisations
  • Section 396 No qualifying change of ownership where principal company's interest in consortium company unchanged
  • Section 397 Companies owned by consortiums and members of consortiums
  • Section 398 “Qualifying 75% ... subsidiary” etc
  1. “Qualifying change of ownership”
  2. Companies owned by consortiums and members of consortiums

Section 397 | Companies owned by consortiums and members of consortiums

From legislation.gov.uk

(1)This section defines what a company being owned by, or a member of, a consortium means for the purposes of the sales of lessors Chapters.

(2)A company is owned by a consortium if—

(a)it is not a qualifying 75% subsidiary of any company,

(b)at least 75% of its ordinary share capital is beneficially owned between them by other companies, and

(c)none of those other companies owns less than 5% of that capital.

(3)Those other companies are the members of the consortium.

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