Part 9Leasing plant or machinery
Chapter 3Sales of lessors: leasing business carried on by a company alone
F1 “Qualifying change of ownership”
Annotations:
Amendments (Textual)
396No qualifying change of ownership where principal company's interest in consortium company unchanged
1
This section applies if—
a
a company (“A”) is owned by a consortium, and
b
a relevant change in the relationship between A and a principal company of A occurs on any day,
but the principal company's interest in A remains unchanged.
2
For the purposes of the sales of lessors Chapters, there is no qualifying change of ownership in relation to A on that day as a result of that change in that relationship.
3
For the purposes of this section the principal company's interest in A remains unchanged if the percentage of the ordinary share capital of A that is beneficially owned directly or indirectly by the principal company is the same at the beginning and end of that day.
4
Sections 1155 to 1157 apply for construing subsection (3).
S. 394A and cross-heading inserted (with effect in accordance with Sch. 18 para. 9 of the amending Act) by Finance Act 2010 (c. 13), Sch. 18 para. 5