Modifications etc. (not altering text)
C1Pt. 5 applied (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 125 (with s. 147, Sch. 17)
C2Pt. 5 excluded (with effect in accordance with Sch. 18 para. 63 of the amending Act) by Finance Act 2016 (c. 24), Sch. 18 para. 20(5)
C3Pt. 5 modified by 2009 c. 4, s. 1218ZDB(2) (as inserted (for specified purposes and with effect in accordance with Sch. 6 paras. 20, 21(1)(a) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 1 (with Sch. 6 para. 21(3)))
C4Pt. 5 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), regs. 1(1), 10, 11
C5Pt. 5 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 47(4)
C6Pt. 5 excluded (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), s. 1(5)(e) (with ss. 15(1), 16(1))
(1)Consortium condition 1 is met if subsection (2) or (3) applies.
(2)This subsection applies if—
(a)the surrendering company is a trading company or a holding company,
(b)the surrendering company is owned by a consortium,
(c)the claimant company is a member of the consortium, and
(d)both companies are UK related.
(3)This subsection applies if—
(a)the claimant company is a trading company or a holding company,
(b)the claimant company is owned by a consortium,
(c)the surrendering company is a member of the consortium, and
(d)both companies are UK related.
(4)But consortium condition 1 is not met if a profit on a sale within subsection (5) by the company that is the member of the consortium would be a trading receipt of the member.
(5)A sale is within this subsection if it is a sale of—
(a)the share capital the member owns in the company owned by the consortium, or
(b)if that company is owned by the consortium as a result of section 153(3) (consortiums involving holding companies), the share capital the member owns in the holding company in question.