Paragraph 15J F1

(1)

This paragraph applies in relation to a UK sub-group if—

(a)

each member of the UK sub-group is a UK resident entity,

(b)

none of those members is a designated FPE entity, and

(c)

the relevant group’s responsible member has not made an entity-by-entity election (see paragraph 15L) in relation to the UK sub-group.

(2)

The assets, equity and liabilities, as at the end of the chargeable period, of the UK sub-group are to be determined by reference to the amounts recognised in the sub-group’s consolidated financial statements for the chargeable period.

(3)

To determine the UK-based equity and liabilities of the UK sub-group, as at the end of the chargeable period—

(a)

determine the amount of the UK sub-group’s equity and liabilities in accordance with sub-paragraph (2), and

(b)

adjust that amount in accordance with paragraph 15N.

Annotations

Textual amendments

F1: Sch. 19 paras. 15-15Z5 and cross-headings substituted for Sch. 19 paras. 15-23 (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2