Related Commentary  Related HMRC Manuals

394(1)  A company (“E”) is a principal company of A if–

(a)A is owned by a consortium of which E is a member, or

(b)A is a qualifying 75% subsidiary of a company owned by a consortium of which E is a member,

and E is not a qualifying 75% subsidiary of another company.

394(2)  There is a relevant change in the relationship between A and E (as a principal company) on any day if the ownership proportion at the end of the day is less than the ownership proportion at the start of the day.

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