# Finance Act 2020, Section 57: Meaning of “group”, “parent” etc


(1) In this Part “group” means—
(a) any entity which—
(i) is a relevant entity (see section 58), and
(ii) meets condition A or B (see subsections (2) and (3)), and
(b) each subsidiary (if any) of the entity mentioned in paragraph (a).
(2) Condition A is that the entity—
(a) is a member of a GAAP group, and
(b) is not a subsidiary of an entity that—
(i) is a relevant entity, and
(ii) itself meets condition A.
(3) Condition B is that the entity is not a member of a GAAP group.
(4) In this Part—
(a) references to the “parent” of a group are to the entity mentioned in subsection (1)(a);
(b) references to a “member” of a group are to an entity mentioned in subsection (1)(a) or (b);
(c) “subsidiary” has the meaning given by the applicable accounting standards.
(5) In this section “GAAP group” means a group within the meaning of the applicable accounting standards.
(6) For the meaning of “the applicable accounting standards” see section 64.

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Source: https://www.legislation.gov.uk/ukpga/2020/14/section/57 (the official version)
Page: https://openlegislation.uk/finance-act-2020/section-57
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.