Paragraph 5

(1)

For the purposes of this Schedule a body corporate (“body A”) is a reporting body at any time if, at that time—

(a)

it is a UK corporate parent, and

(b)

condition A, B, C or D is met.

(2)

Condition A is that body A is not controlled by a body corporate resident outside the United Kingdom.

(3)

Condition B is that—

(a)

body A is controlled by a body corporate resident outside the United Kingdom (“the foreign parent”), and

(b)

no other relevant UK body corporate is controlled by the foreign parent.

(4)

Condition C is that —

(a)

body A is controlled by a body corporate resident outside the United Kingdom (“the foreign parent”),

(b)

one or more other UK corporate parents are controlled by the foreign parent, and

(c)

body A is not a party to an arrangement under paragraph 6.

(5)

Condition D is that—

(a)

body A is controlled by a body corporate resident outside the United Kingdom (“the foreign parent”),

(b)

one or more other UK corporate parents are controlled by the foreign parent, and

(c)

body A is a party to an arrangement under paragraph 6 and is the nominated reporting body under that arrangement.