Section 153 — Corporation Tax Act 2010: Companies owned by consortiums and members of consortiums

Companies owned by consortiums and members of consortiums 153 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.