C1C2Part 5Group relief
Pt. 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)
Chapter 5Subsidiaries, groups and consortiums
Explanations of terms
153Companies owned by consortiums and members of consortiums
1
For the purposes of this Part a company is owned by a consortium if—
a
the company is not a 75% subsidiary of any company, and
b
at least 75% of the company's ordinary share capital is beneficially owned by other companies each of which beneficially owns at least 5% of that capital.
2
The other companies each owning at least 5% of the share capital are the members of the consortium for the purposes of this Part.
3
If—
a
a trading company is a 90% subsidiary of a holding company and is not a 75% subsidiary of any company apart from the holding company, and
b
as a result of subsection (1), the holding company is owned by a consortium,
then for the purposes of this Part the trading company is also owned by the consortium.
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)