No qualifying change of ownership where principal company's interest in consortium company unchanged

13A

1

This paragraph applies if—

a

a company (“company A”) is owned by a consortium, and

b

a relevant change in the relationship between company A and a principal company of company A occurs on any day,

but the principal company's interest in company A remains unchanged.

2

For the purposes of this Schedule, there is no qualifying change of ownership in relation to company A on that day as a result of that change in that relationship.

3

For the purposes of this paragraph the principal company's interest in company A remains unchanged if the percentage of the ordinary share capital of company A that is beneficially owned directly or indirectly by the principal company is the same at the beginning and end of that day.

4

Section 838(2) and (4) to (10) of ICTA apply for construing sub-paragraph (3).