J Ltd owns 80% of the ordinary share capital of K Ltd, which owns 80% of the

Question:

J Ltd owns 80% of the ordinary share capital of K Ltd, which owns 80% of the share capital of L Ltd, which owns 80% of the share capital of M Ltd, which owns 80% of the share capital of N Ltd. All of these companies are UK resident. Which of the companies belongs to a capital gains group with J Ltd as the principal company?

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