Regulation 35 Application of ICTA: further provisions
(1)
Section 413(3) of ICTA (group relief: interpretation) applies as if it provided that two companies shall be deemed to be members of a group of companies if—
(a)
one company is the 75 per cent. subsidiary of the other and neither company is the Board of the Pension Protection Fund, or
(b)
both companies are 75 per cent. subsidiaries of the Board of the Pension Protection Fund.
(2)
This regulation is to be construed as one with Chapter 4 of Part 10 of ICTA (group relief).