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.