Part 9Leasing plant or machinery

Chapter 3Sales of lessors: leasing business carried on by a company alone

F1 “Qualifying change of ownership”

Annotations:
Amendments (Textual)
F1

S. 394A and cross-heading inserted (with effect in accordance with Sch. 18 para. 9 of the amending Act) by Finance Act 2010 (c. 13), Sch. 18 para. 5

397Companies owned by consortiums and members of consortiums

1

This section defines what a company being owned by, or a member of, a consortium means for the purposes of the sales of lessors Chapters.

2

A company is owned by a consortium if—

a

it is not a qualifying 75% subsidiary of any company,

b

at least 75% of its ordinary share capital is beneficially owned between them by other companies, and

c

none of those other companies owns less than 5% of that capital.

3

Those other companies are the members of the consortium.