Section 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.

Notes on Part 23

C1: 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)