group relief

Relief available to companies within a 75% group as a result of which qualifying losses can be transferred to other group companies. The losses transferred are available to set against the other group members' profits chargeable to corporation tax, thus reducing the overall tax liability for the group. A 75% group, for group relief, exists if one company holds 75% or more of:
• the ordinary share capital, and
• the distributable income rights, and
• the rights to the net assets in a winding-up
. From 1 April 2000 members of a group no longer have to be resident in the UK to qualify for relief.

Accounting dictionary. 2014.

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