F1PART 5AGroup relief for carried-forward losses
CHAPTER 3Claims for group relief for carried-forward losses
Claiming group relief for carried-forward losses
188CFConsortium condition 1
(1)
Consortium condition 1 is met if—
(a)
the claimant company is a trading company or a holding company,
(b)
the claimant company is owned by a consortium,
(c)
the surrendering company is a member of the consortium, and
(d)
both companies are UK related.
(2)
But consortium condition 1 is not met if a profit on a sale within subsection (3) by the surrendering company would be a trading receipt of the surrendering company.
(3)
A sale is within this subsection if it is a sale of—
(a)
the share capital the surrendering company owns in the claimant company, or
(b)
if the claimant company is owned by the consortium as a result of section 153(3) (consortiums involving holding companies), the share capital the surrendering company owns in the holding company in question.