Part 2Anti-avoidance and revenue protection
Losses, capital allowances etc
29Sale of lessors: consortium relationships
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.