Section 188CH — Corporation Tax Act 2010: Consortium condition 3

Consortium condition 3 188CH 1 Consortium condition 3 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 a member of the consortium, and d both companies are UK related.

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

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

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