Part 23 Company distributions

Chapter 5 Demergers

Exempt distributions

1076 Transfer of shares in subsidiaries to members
A distribution is an exempt distribution if—
(a) it consists of the transfer by a company to all or any of its members of shares in one or more companies which are its 75% subsidiaries,
(b) each of conditions A to F in sections 1081 and 1082 is met in respect of the distribution, and
(c) if the company making the transfer is a 75% subsidiary of another company, conditions L and M in section 1085 are met in respect of the distribution.