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CTA09/S769

Continuity of identity

A group remains the same group so long as the same company remains the principal company of the group. If at any time the principal company of a group becomes a member of another group, for example on a company take-over, the first group and the other group are regarded as the same group thereafter.

Winding up of company

»Ê¹ÚÌåÓýapp commencement of the winding-up of a company does not break group relationships for CTA09/PART8 purposes. When winding-up commences a company loses its beneficial interest in its assets, including shares owned in other companies (Ayerst v C & K (Construction) Ltd 50TC651). Without special provision the commencement of winding-up of an intermediate holding company within a group would accordingly degroup the intermediate holding company’s own subsidiaries from the intermediate holding company itself and from the remainder of the group. »Ê¹ÚÌåÓýapp rule in S769 prevents this result. »Ê¹ÚÌåÓýapp passing of a resolution or the making of an order, or any other act, for the winding-up of a group member is not regarded as the occasion of that or any other company ceasing to be a member of the group.