Related HMRC Manuals

405(1)  This section applies if–

(a)the qualifying change of ownership occurs on any day as a result of section 393 (qualifying 75% subsidiaries),

(b)the change occurs by reference to a company (“A”) ceasing to be a qualifying 75% subsidiary of another company (“B”) on that day, and

(c)on that day A meets one of the conditions in subsection (2).

405(2)  The conditions are–

(a)that A becomes owned by a consortium of which B is a member, or

(b)that A becomes a qualifying 75% subsidiary of a company owned by a consortium of which B is a member.

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