Part 2Anti-avoidance and revenue protection

Losses, capital allowances etc

29Sale of lessors: consortium relationships

(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.