Paragraph 33 Definition of “ownership interest”

In section 242 (ownership interests and controlling interests), in subsection (2), for paragraph (b) substitute—

“(b)

that interest is accounted for as equity in—

(i)

where B is a member of a consolidated group, the consolidated financial statements of the ultimate parent of the group (ignoring any requirement to consolidate the assets, liabilities, income, expenses and cash flows of B in those statements), or

(ii)

otherwise, B’s financial statements.”