Introduction Summary
1.Section 29 makes a number of changes to the operation of the rules determining whether a company is owned by a consortium as set out in Chapters 3 and 4 of Part 9 of the Corporation Tax Act (CTA) 2010 (formerly Schedule 10 to the Finance Act (FA) 2006). The effect of the change is that an indirect 75 per cent subsidiary of a company owned by a consortium will be treated as “a company owned by a consortium”. This change is achieved by removing the requirement that the lessor company be a direct 90 per cent subsidiary of the company owned by the consortium.