420. Exempt distributions.

The Corporation Tax Act 2010 Part 23 Chapter 5 contains provisions about demergers1. The purpose of the provisions about demergers is to facilitate certain transactions whereby trading activities carried on by a single company2 or group3 are divided so as to be carried on by:


    (1)     two or more companies not belonging to the same group; or


    (2)     by two or more independent groups4.

An exempt distribution is not a distribution5 of a company for the purposes of the Corporation Tax Acts6. For these purposes, an 'exempt distribution' means a distribution which is an exempt distribution by virtue of any