(1) Notwithstanding that at any time a company (in this subsection referred to as "the subsidiary company") is a 75 per cent subsidiary or a 90 per cent subsidiary, within the meaning of section 9, of another company (in this section referred to as "the parent company"), it shall not be treated at that time as such a subsidiary for the purposes of group relief unless additionally at that time -
(a) the parent company is beneficially entitled to not less than 75 per cent or, as the case may be, 90 per cent of any profits available for distribution to equity holders of the subsidiary company, and
(b) the parent company would be beneficially entitled to not less than 75 per cent or, as the case may be, 90 per cent of any assets of the subsidiary company available for distribution to its equity holders on a winding up.
(2) Subject to subsection (3), for the purposes of group relief a member's share in a consortium, in relation to an accounting period of the surrendering company, shall be w
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