26(1)If a UK resident company ceases to be a member of a group to which Part 4 applies section 131 shall apply to the company as if—U.K.
(a)references to C (tax-exempt) were references to the company as a member of G (property rental business),
(b)references to C (post-cessation) were references to the company after ceasing to be a member of the group, and
(c)the reference to C (residual) were a reference to the company as a member of G (residual).
(2)Where a percentage of the assets of the company is excluded from a financial statement in accordance with paragraph 31(5), the excluded percentage shall be disregarded in applying section 131 to the company.