Part 23 Company distributions

Chapter 5 Demergers

Exemption by virtue of section 1076 or 1077: conditions

1084 Cases 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.
Pt. 23 applied (with modifications) by 2003 c. 1, s. 554AC(3) (as inserted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance Act 2018 (c. 3), Sch. 1 para. 2)