[F1212EPrincipal companiesU.K.
(1)A company (“U”) is a principal company of C if—
(a)C is a qualifying 75% subsidiary of U, and
(b)U is not a qualifying 75% subsidiary of another company.
(2)A company (“V”) is a principal company of C if—
(a)C is a qualifying 75% subsidiary of U,
(b)U is a qualifying 75% subsidiary of V, and
(c)V is not a qualifying 75% subsidiary of another company.
(3)If V is a qualifying 75% subsidiary of another company (“W”), W is a principal company of C unless W is a qualifying 75% subsidiary of another company, and so on.
(4)A company (“X”) is a principal company of C if—
(a)C is owned by a consortium of which X is a member, or
(b)C is a qualifying 75% subsidiary of a company owned by a consortium of which X is a member,
and X is not a qualifying 75% subsidiary of another company.
(5)A company (“Y”) is a principal company of C if—
(a)C is owned by a consortium of which X is a member, or
(b)C is a qualifying 75% subsidiary of a company owned by a consortium of which X is a member,
and X is a qualifying 75% subsidiary of Y but Y is not a qualifying 75% subsidiary of another company.
(6)If Y is a qualifying 75% subsidiary of another company (“Z”), Z is a principal company of C unless Z is a qualifying 75% subsidiary of another company, and so on.
(7)A company that is a principal company of C by virtue of any of subsections (4) to (6) is a consortium principal company of C.]
Textual Amendments
F1Pt. 2 Ch. 16A inserted (8.4.2010) (with effect in accordance with Sch. 4 para. 5, 6 to the amending Act) by Finance Act 2010 (c. 13), Sch. 4 para. 2