Section 396 — Corporation Tax Act 2010: No qualifying change of ownership where principal company's interest in consortium company unchanged

No qualifying change of ownership where principal company's interest in consortium company unchanged 396 1 This section applies if—

a a company (“A”) is owned by a consortium, and b a relevant change in the relationship between A and a principal company of A occurs on any day, but the principal company's interest in A remains unchanged.

2 For the purposes of the sales of lessors Chapters, there is no qualifying change of ownership in relation to A on that day as a result of that change in that relationship.

3 For the purposes of this section the principal company's interest in A remains unchanged if the percentage of the ordinary share capital of A that is beneficially owned directly or indirectly by the principal company is the same at the beginning and end of that day.

4 Sections 1155 to 1157 apply for construing subsection (3).