Part 9 Leasing plant or machinery

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

“Qualifying change of ownership”

397 Companies 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.