Part 23Company distributions
Chapter 5Demergers
Exemption by virtue of section 1076 or 1077: conditions
1084Cases where condition K does not apply
1
Condition K need not be met if the distributing company is a 75% subsidiary of another company.
2
Condition K need not be met if—
a
there are two or more transferee companies each of which has transferred to it—
i
a trade, or
ii
shares in a separate 75% subsidiary of the distributing company, and
b
the distributing company is dissolved without there having been after the distribution any net assets of the company available for distribution on a winding up or otherwise.