38Holding company deemed non‑existent before issue of shares in transferring body

#### 38 Holding company deemed non‑existent before issue of shares in transferring body (1) This section has effect for the purposes of the Tax Act if: (a) shares in the transferring body are issued under subsection 11(3) of this Act to the holding company; and (b) the holding company was dormant, within the meaning of Part VI of the Companies Act 1981, throughout the period beginning when it was incorporated and ending immediately before the shares are so issued. (2) For the purposes of determining whether the holding company is a group company in relation to a body corporate in relation to a period, the holding company shall be deemed not to have been in existence at any time during the period referred to in paragraph (1)(b).