Introduction Overview Chapter 2: Basic definitions Section 271: “Associated companies”
931.This section sets out the definition of “associated companies” for the purposes of the Part. It is based on section 502(3), (3A) and (4) of ICTA.
932.Subsection (2) applies the consortium relief rules in Part 5 of this Act for the purposes of this Part with the following modification.
933.Section 153 provides the conditions by which a company is a member of a consortium. The additional circumstance in section 153(3) is not relevant for the purposes of the oil taxation provisions. Section 271 therefore operates by adopting a definition of “owned by a consortium” which encompasses the meaning of section 153(1) and (2) only.