# The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Paragraph 35: Elimination of group transactions


For sub-paragraph (4) of paragraph 6 substitute—
“(4) Sub-paragraphs (1) and (2) need not be complied with—
(a) where a transaction has been concluded according to normal market conditions and a policyholder has rights in respect of the transaction, or
(b) if the amounts concerned are not material for the purpose of giving a true and fair view.
(5) Where advantage is taken of sub-paragraph (4)(a) that fact must be disclosed in the notes to the accounts, and where the transaction in question has a material effect on the assets, liabilities, financial position and profit or loss of all the undertakings included in the consolidation that fact must also be so disclosed.”.

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Source: https://www.legislation.gov.uk/ukdsi/2008/9780110806303/schedule/6/paragraph/35 (the official version)
Page: https://openlegislation.uk/draft-large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-6/paragraph-35
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.