Part 23Company distributions
Chapter 5Demergers
Exempt distributions
1076Transfer 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.