Regulation 12 Financial years of subsidiary undertakings

For the purposes of Schedule 6 the financial years of subsidiary undertakings are to be determined in accordance with this regulation.

The financial year of a charitable subsidiary undertaking is to be determined in accordance with section 180(1)^f1.

The financial year of a non-charitable subsidiary undertaking is a period in respect of which a profit and loss account of the undertaking is required to be made up (by its constitution or by the law under which it is established), whether that period is a year or not.