1084Cases where condition K does not applyU.K.
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(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.