Introduction Equity holders Overview Section 149: Conditions 1 and 3: claimant company in group of companies
587.This section treats the company (C) owned by a consortium and any companies (S etc) in its group as a single company for the purposes of claims by companies in the group. It is based on section 405 of ICTA. The rule about companies in the same group as the consortium member is in section 146.
588.Subsection (1) applies the section to consortium condition 1: that is, a case that does not involve a link company.
589.Subsection (2) extends the section to consortium condition 3: that is, cases involving a link company (L) where the claimant company (S) is owned by a consortium (or is a member of the same group as the company owned by the consortium).
590.Subsections (3) to (5) restrict the relief available to the amount that remains after relief is notionally given by way of group relief for all the available losses etc within the group. But those available losses etc may already have been reduced by actual claims within the group.
591.Subsection (6) clarifies the basis on which the group relief claims are treated as already made within the group.