This section sets out the main provisions for computing gains or losses where an asset which was acquired by a member of a group of companies from another member is ultimately disposed of outside the group. The general principles of the capital gains tax will apply.
SECTION 132.
Question proposed: " That section 132 stand part of the Bill."
Could a company be a member of two consortia or two groups?
No. It could be a member of two consortia, but it could not be a member of two groups. You can only have one controlling situation.
A consortium would be called on from time to time to do a particular thing.
Yes, a consortium is a grouping of individual companies coming together for a particular purpose.
Question put and agreed to.