SCHEDULES
SCHEDULE 10Sale etc of lessor companies etc
Part 2Leasing business carried on by a company alone
Meaning of “associated company”
9
1
A company is an “associated company” of another company on any day if, at the start of that day,—
a
one of the two has control of the other, or
b
both are under the control of the same person or persons,
and for this purpose “control” is to be read in accordance with section 416 of ICTA.
2
If, at the start of any day, a company (“the consortium company”) is owned by a consortium or is a qualifying 90% subsidiary of a company owned by a consortium, references to an associated company of the consortium company on that day include—
a
any relevant member of the consortium on that day, and
b
any company which is an associated company of any relevant member of the consortium on that day.
3
For this purpose a member of the consortium is a “relevant” member on any day if—
a
it is a member of the consortium at the start of the day,
b
one or more qualifying changes of ownership occur in relation to the consortium company on that day, and
c
any of those changes occur in a case where the member of the consortium is regarded as “company E” for the purposes of paragraph 12 (consortium relationships).
4
This paragraph applies for the purposes of this Part of this Schedule.