Section 188CF — Corporation Tax Act 2010: Consortium condition 1

Consortium condition 1 188CF 1 Consortium condition 1 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 a member of the consortium, and d both companies are UK related.

2 But consortium condition 1 is not met if a profit on a sale within subsection (3) by the surrendering company would be a trading receipt of the surrendering company.

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

a the share capital the surrendering company owns in the claimant company, or b if the claimant company is owned by the consortium as a result of section 153(3) (consortiums involving holding companies), the share capital the surrendering company owns in the holding company in question.