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Corporation tax and associate companies

I have a client whose limited company is controlled by a venture capital company by virtue of their 75% shareholding. Does this mean my client has to be an associate company of all the other companies their investor controls?

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Yes

Why not?  This is in the nature of small companies relief - but in a couple of years time every company will pay at 20% and this will be a thing of the past.  It is not fair, and I'm sure to your client it looks most unfair, but your client owns a 25% investment in a subsidiary of the venture capital company...

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What type of share ...

... does the venture capital company hold (in both the client company and others)?

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