C1Part 5Group relief
Chapter 4Claims for group relief
Limitations on group relief if claim based on consortium condition 1, 2 or 3
144Condition 1: claimant company owned by consortium
1
This section applies if—
a
the claimant company makes a claim for group relief based on consortium condition 1, and
b
it is the claimant company that is owned by the consortium.
2
3
The ownership proportion is the same as the lowest of the following proportions—
a
the proportion of the ordinary share capital of the claimant company that is beneficially owned by the surrendering company,
b
the proportion of any profits available for distribution to equity holders of the claimant company to which the surrendering company is beneficially entitled (see Chapter 6), F1...
c
the proportion of any assets of the claimant company available for distribution to such equity holders on a winding up to which the surrendering company would be beneficially entitled (see Chapter 6) F2, and
d
the proportion of the voting power in the claimant company that is directly possessed by the surrendering company.
4
For the purposes of subsection (3)—
a
the proportions mentioned in F3paragraphs (a) to (d) of that subsection are those prevailing during the overlapping period, and
b
if any of those proportions changes during that period, use the average of that proportion during that period.
5
If the claimant company is owned by the consortium as a result of section 153(3) (consortiums involving holding companies), references in subsection (3) to the claimant company are to be read as references to the holding company in question.
6
In this section “the overlapping period” is to be read in accordance with section 142.
Pt. 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)