No versions valid at: 10/04/2003
Point in time view as at 10/04/2003. This version of this cross heading contains provisions that are not valid for this point in time.
Finance Act 2003, Cross Heading: Meaning of “consortium” and “commercial association of companies” is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Yn ddilys o 10/07/2003
29(1)For the purposes of this Schedule a company is a member of a consortium owning another company if it is one of five or fewer companies—U.K.
(a)that between them beneficially own not less than 75% of the other company’s ordinary share capital, and
(b)each of which beneficially owns not less than 10% of that capital.
For this purpose the shareholdings of members of a group of companies shall be treated as held by a single company.
(2)In this Schedule a “commercial association of companies” means a company together with such of its associated companies as carry on businesses that are of such a nature that the businesses of the company and the associated companies, taken together, may be reasonably considered to make up a single composite undertaking.
“Associated company” here has the meaning given by section 416 of the Taxes Act 1988.
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