Corporation Tax Act 2009 section 371

Interpretation

Section 371 provides the definitions of key terms used throughout the chapter dealing with group relief claims involving impaired or released consortium debts.

• A "consortium company" is a trading company or holding company that is owned by a consortium, and a "member" of a consortium is defined by reference to Part 5 of the Corporation Tax Act 2010
• Key operational terms — including "debtor consortium company", "group member", "member company", and "relevant consortium creditor relationship" — all take their meanings from the introductory section 364 of this chapter
• "Group accounting period" and "net consortium debit" are defined by reference to sections 370 and 365 respectively, which set out how these concepts are calculated
• References to companies being "owned by a consortium" or being "members of the same group" follow the standard group relief definitions in the Corporation Tax Act 2010