Section 397 — Corporation Tax Act 2010: Companies owned by consortiums and members of consortiums

Companies owned by consortiums and members of consortiums 397 1 This section defines what a company being owned by, or a member of, a consortium means for the purposes of the sales of lessors Chapters.

2 A company is owned by a consortium if—

a it is not a qualifying 75% subsidiary of any company, b at least 75% of its ordinary share capital is beneficially owned between them by other companies, and c none of those other companies owns less than 5% of that capital.

3 Those other companies are the members of the consortium.