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Corporation Tax Act 2010

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Corporation Tax Act 2010, Section 144 is up to date with all changes known to be in force on or before 15 November 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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144Condition 1: claimant company owned by consortiumU.K.
This section has no associated Explanatory Notes

(1)This section applies if—

(a)the claimant company makes a claim for group relief based on consortium condition 1, and

(b)it is the claimant company that is owned by the consortium.

(2)The group relief to be given on the claim is limited to the ownership proportion of the claimant company's [F1available total profits] of the overlapping period (see section 140(2) to determine the [F1available total profits] of the overlapping period).

(3)The ownership proportion is the same as the lowest of the following proportions—

(a)the proportion of the ordinary share capital of the claimant company that is beneficially owned by the surrendering company,

(b)the proportion of any profits available for distribution to equity holders of the claimant company to which the surrendering company is beneficially entitled (see Chapter 6), F2...

(c)the proportion of any assets of the claimant company available for distribution to such equity holders on a winding up to which the surrendering company would be beneficially entitled (see Chapter 6) [F3, and

(d)the proportion of the voting power in the claimant company that is directly possessed by the surrendering company.]

(4)For the purposes of subsection (3)—

(a)the proportions mentioned in [F4paragraphs (a) to (d)] of that subsection are those prevailing during the overlapping period, and

(b)if any of those proportions changes during that period, use the average of that proportion during that period.

(5)If the claimant company is owned by the consortium as a result of section 153(3) (consortiums involving holding companies), references in subsection (3) to the claimant company are to be read as references to the holding company in question.

(6)In this section “the overlapping period” is to be read in accordance with section 142.

Textual Amendments

F1Words in s. 144(2) substituted (with effect in accordance with art. 1(3) of the amending S.I.) by The Tax Law Rewrite Acts (Amendment) Order 2013 (S.I. 2013/463), arts. 1(2), 10

F2Word in s. 144(3)(b) omitted (with effect in accordance with Sch. 6 para. 10 of the amending Act) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 6 para. 8(2)(a)

F3S. 144(3)(d) and word inserted (with effect in accordance with Sch. 6 para. 10 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 6 para. 8(2)(b)

F4Words in s. 144(4)(a) substituted (with effect in accordance with Sch. 6 para. 10 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 6 para. 8(3)

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