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Paragraph 3 Significant group undertakings: movement between groups during a phase

Original text. Later amendments are not shown.

(1)

Subject to paragraph 4, where—

(a)

U was a significant group undertaking as a member of a group under paragraph 2; and

(b)

during a phase U becomes a member of another group of undertakings (“G2”),

U is a significant group undertaking as a member of G2 for the remainder of that phase, together with U’s subsidiary undertakings from time to time, if any.

(2)

Paragraphs 10 and 12 of section 2 of Part 3 of Schedule 6 make provision in relation to the change described in sub-paragraph (1).