Section 271 — Corporation Tax Act 2010: “Associated companies”

“Associated companies” 271 1 For the purposes of this Part two companies are associated with one another if—

a one is a 51% subsidiary of the other, b each is a 51% subsidiary of a third company, c one is owned by a consortium of which the other is a member, d one has control of the other, or e both are under the control of the same person.

2 For the purposes of this section—

a a company is owned by a consortium if 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, and b the other companies each owning at least 5% of that capital are the members of the consortium.

3 In this section “ control ” has the same meaning as in Part 10 (close companies) (see sections 450 and 451).