Section 976 — Corporation Tax Act 2010: Meaning of “related company”

Meaning of “related company” 976 1 A company is a “related company”, for the purposes of this Chapter, if, at any time in the relevant period, it was a member—

a of the same group as the taxpayer company, b of a consortium which at that time owned the taxpayer company, or c of the same group as a company which at that time was a member of a consortium owning the taxpayer company.

2 For the purposes of subsection (1)(a), two companies are members of the same group if—

a one is the 51% subsidiary of the other, or b both are 51% subsidiaries of a third company.

3 For the purposes of subsection (1)(c), two companies are members of the same group if they are members of the same group of companies within the meaning of Part 5 (group relief).

4 For the purposes of this Chapter—

a a company is a member of a consortium if it is a member of a consortium within the meaning of Part 5, and b a company is owned by a consortium if it is owned by a consortium within the meaning of that Part.