There are eight cases where the company concerned (referred to as the ‘surrendering company’) may not surrender under Part 5A, Ch. 2:

pre-1 April losses, etc;

where investment business has become small or negligible;

where surrendering company could use losses, etc itself;

where surrendering company has no income-generating assets;

where surrendering company is a general insurance company;

where surrendering company was UK resident during the loss-making period;

where losses made when surrendering company non-UK resident;

where losses made when surrendering company dual resident.

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