# Finance (No. 2) Act 2023, Paragraph 19: Determining the worldwide group: “non-consolidated subsidiary” and “consolidated subsidiary”

Extent: E+W+S+N.I.

(1) Section 475 (meaning of “non-consolidated subsidiary” and “consolidated subsidiary”) is amended as follows.
(2) In subsection (1)(b), omit “or on the basis that X were an asset held for sale or held for distribution to owners”.
(3) For subsection (3) substitute—
“(3) In this section “subsidiary” has the meaning given by international accounting standards.”

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Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/3/paragraph/19 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-3/paragraph-19
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.