SCHEDULES

SCHEDULE 10Sale etc of lessor companies etc

Part 2Leasing business carried on by a company alone

Meaning of “a qualifying change of ownership” in relation to a company

10

(1)

For the purposes of this Schedule, there is a qualifying change of ownership in relation to a company (“company A”) on any day if there is a relevant change in the relationship on that day between—

(a)

company A, and

(b)

a principal company of company A,

but see paragraph 13 for an exception (no qualifying change of ownership in the case of certain intra-group reorganisations).

(2)

For the purposes of this Schedule, there is a relevant change in the relationship between company A and a principal company of company A on any day in any of the circumstances in paragraphs 11 and 12 (qualifying 75% subsidiaries and consortium relationships).