29Sale of lessors: consortium relationshipsU.K.
(1)Chapters 3 and 4 of Part 9 of CTA 2010 (sales of lessors) are amended as follows.
(2)In section 393(7) (qualifying 75% subsidiaries), omit “or 90%”.
(3)In section 394 (consortium relationships)—
(a)in subsections (1)(b), (4) and (5)(b), for “90%” substitute “ 75% ”, and
(b)in subsection (9)(b), omit “or 90%”.
(4)In section 398 (qualifying 75% or 90% subsidiary), omit—
(a)subsections (5) and (6), and
(b)in subsection (7)(b), “and “90% subsidiary””,
and, in the heading, omit “or 90%”.
(5)In section 405(2)(b) and (6) (adjustments to basic amount), for “90%” substitute “ 75% ”.
(6)In sections 408(5)(b) and 430(4)(b) (associated company), for “90%” substitute “ 75% ”.
(7)In Schedule 4 to CTA 2010, omit the entry relating to “qualifying 90% subsidiary (in Chapters 3 to 6 of Part 9)”.
(8)The amendments made by this section have effect where the relevant day is on or after 9 December 2009.
(9)Corresponding amendments, having effect where the relevant day is on or after that date, are to be treated as having been made in Schedule 10 to FA 2006.