Paragraph 10 Accounting conditionsF1
For the purposes of paragraph 8(2)(b), “the accounting conditions” for an accounting period are—
that consolidated financial statements falling within section 249(1)(a) or (c) have been prepared by the ultimate parent of the group,
that those consolidated financial statements have been externally audited, and
that financial statements have been prepared in accordance with an acceptable accounting standard or an authorised accounting standard in respect of any specified member whose revenue exceeds 50 million euros.
The reference in sub-paragraph (1)(c) to the revenue of a specified member is to its revenue as it would be determined under the country-by-country reporting rules.
Annotations
Textual amendments
- F1
Sch. 16A Pt. 3 inserted (with effect in accordance with Sch. 8 para. 53(5)-(13) of the amending Act) by Finance Act 2026 (c. 11), Sch. 8 paras. 39, 53(5)-(13)
Notes on Schedule 16A
Textual amendments
- F1
Sch. 16A inserted (with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 41(1)