Section 133 — Corporation Tax Act 2010: Consortium conditions 2 and 3

Consortium conditions 2 and 3 133 1 Consortium condition 2 is met if—

a the surrendering company is a trading company or a holding company, b the surrendering company is owned by a consortium, c the claimant company is not a member of the consortium, d the claimant company is a member of the same group of companies as a third company (“the link company”),

e the link company is a member of the consortium, ... and f the surrendering company and the claimant company are both UK related, ... g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 Consortium condition 3 is met if—

a the claimant company is a trading company or a holding company, b the claimant company is owned by a consortium, c the surrendering company is not a member of the consortium, d the surrendering company is a member of the same group of companies as a third company (“the link company”),

e the link company is a member of the consortium, ... and f the surrendering company and the claimant company are both UK related, ... g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 But neither consortium condition 2 nor consortium condition 3 is met if a profit on a sale within subsection (4) by the link company would be a trading receipt of that company.

4 A sale is within this subsection if it is a sale of—

a the share capital the link company owns in the company (“the consortium company”) owned by the consortium as mentioned in subsection (1)(b) or (2)(b), or b if the consortium company is owned by the consortium as a result of section 153(3) (consortiums involving holding companies), the share capital the link company owns in the holding company in question. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .