Corporation Tax Act 2010 section 157

Introduction to Chapter

Section 157 introduces the chapter that determines how ownership stakes in consortium-owned companies are calculated for group relief purposes.

• This chapter supports the rules for group relief claims involving consortium arrangements, specifically the conditions in sections 143, 144 and 151.
• "New consideration" — broadly meaning fresh money or money's worth paid for shares — is defined by reference to section 1115 of the Act.
• All loans are treated as securities for the purposes of this chapter, which affects how ownership percentages are worked out.
• These interpretation rules ensure a consistent approach when calculating whether a company qualifies as owned by a consortium and the extent of each member's ownership share.