Part 9

Leasing plant or machinery
Chapter 3

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

“Qualifying change of ownership”

Companies owned by consortiums and members of consortiums
397
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.
S. 394A and cross-heading inserted (with effect in accordance with Sch. 18 para. 9 of the amending Act) by Finance Act 2010 (c. 13), Sch. 18 para. 5