Statement of Practice C6
Published 31 March 1978
© Crown copyright 1978
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Under Taxes Act 1988 s 403C a consortium member’s share in a consortium company for any accounting period is measured by reference to the lowest of the member’s percentage interests in the share capital, profits and assets of the consortium company. Where any of those percentages has varied the legislation says that the average percentage over the accounting period concerned should be taken. In determining that average percentage, HM Revenue and Customs practice is that a weighted average taking into account the length of time involved should be used.
Note: this statement was reworded in IR 131 (1993), IR 131 Supp (November 2000) and IR 131 Supplement (November 2001).