Section 1023 — Corporation Tax Act 2009: Supplementary provision for purposes of section 1022

Supplementary provision for purposes of section 1022 1023 1 This section applies for the purposes of section 1022.

2 An option is a qualifying option if condition 3 in section 1016 would be met in relation to shares acquired pursuant to the option.

3 There is a takeover of a company when another company (“ the acquiring company ”) acquires control of it.

4 The following companies are qualifying companies—

a the acquiring company, b a company that, when the takeover occurs, is a parent company of the acquiring company, c a company that, when the takeover occurs, is a member of a consortium that owns the acquiring company, d a company that, when the takeover occurs, is a member of a consortium that owns a parent company of the acquiring company, and e a company within subsection (5).

5 A company (“company A”) is within this subsection if when the takeover occurs—

a the acquiring company or a parent company of the acquiring company is a member of a consortium that owns another company (“company B”),

and b company A is—

i a member of that consortium or a parent company of a member of that consortium, and ii a member of the same commercial association of companies as company B.