Client trading Company1 is owned 45% by Company 2 with the remaining 55% held by unconnected individuals. Company 2 is not trading and is in turn owned 35% by a non-trading Company 3 and 65% individuals.
Company 1 is about to cease and proposal is to liquidate Companies 1 and 2. All the conditions for SSE will have been met as regards Company 2's gain but since there is no tax group here and therefore, by definition, no trading group I can't see that SSE would be available to Company 3. Correct?
Thanks
To Accountant A - get a life
To Wilson Phillips - there are a large number of individual shareholders and the 75% test for Joint Venture companies is not met.