C3C6C2C5C4Part 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)
Pt. 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)))
Pt. 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
Pt. 5 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 47(4)
C2Chapter 5Subsidiaries, groups and consortiums
Explanations of terms
C1C2153C2Companies 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)