Details of the Section
2.Subsection (4) removes subsections (5) and (6) of section 398 and makes a consequential amendment to the heading. These subsections prevent a lessor company that is an indirect 75 per cent subsidiary of a company owned by a consortium from being treated as a company owned by a consortium.
3.Subsection (8) makes changes to the table of definitions in Schedule 4 to CTA 2010 to omit the entry relating to “qualifying 90 per cent subsidiary”.
4.Subsection (9) provides that these changes have effect where the relevant day, the day on which there is a qualifying change in ownership, is on or after 9 December 2009.
5.Subsection (10) ensures that corresponding amendments are made to Schedule 10 to FA 2006.