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Finance Act 2010

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29Sale of lessors: consortium relationshipsU.K.

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(1)Chapters 3 and 4 of Part 9 of CTA 2010 (sales of lessors) are amended as follows.

(2)In section 393(7) (qualifying 75% subsidiaries), omit “or 90%”.

(3)In section 394 (consortium relationships)—

(a)in subsections (1)(b), (4) and (5)(b), for “90%” substitute “ 75% ”, and

(b)in subsection (9)(b), omit “or 90%”.

(4)In section 398 (qualifying 75% or 90% subsidiary), omit—

(a)subsections (5) and (6), and

(b)in subsection (7)(b), “and “90% subsidiary””,

and, in the heading, omit “or 90%”.

(5)In section 405(2)(b) and (6) (adjustments to basic amount), for “90%” substitute “ 75% ”.

(6)In sections 408(5)(b) and 430(4)(b) (associated company), for “90%” substitute “ 75% ”.

(7)In Schedule 4 to CTA 2010, omit the entry relating to “qualifying 90% subsidiary (in Chapters 3 to 6 of Part 9)”.

(8)The amendments made by this section have effect where the relevant day is on or after 9 December 2009.

(9)Corresponding amendments, having effect where the relevant day is on or after that date, are to be treated as having been made in Schedule 10 to FA 2006.

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