Part 9Leasing plant or machinery
Chapter 3Sales of lessors: leasing business carried on by a company alone
“Qualifying change of ownership”
397Companies 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.