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Textual Amendments
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
(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.