Part 5Group relief
Chapter 4Claims for group relief
Surrenderable amounts under Chapter 2
133Consortium conditions 2 and 3
(1)
Consortium condition 2 is met 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 not a member of the consortium,
(d)
the claimant company is a member of the same group of companies as a third company (“the link company”),
(e)
the link company is a member of the consortium, and
(f)
the surrendering company, the claimant company and the link company are all UK related.
(2)
Consortium condition 3 is met 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 not a member of the consortium,
(d)
the surrendering company is a member of the same group of companies as a third company (“the link company”),
(e)
the link company is a member of the consortium, and
(f)
the surrendering company, the claimant company and the link company are all UK related.
(3)
But neither consortium condition 2 nor consortium condition 3 is met if a profit on a sale within subsection (4) by the link company would be a trading receipt of that company.
(4)
A sale is within this subsection if it is a sale of—
(a)
the share capital the link company owns in the company (“the consortium company”) owned by the consortium as mentioned in subsection (1)(b) or (2)(b), or
(b)
if the consortium company is owned by the consortium as a result of section 153(3) (consortiums involving holding companies), the share capital the link company owns in the holding company in question.