Paragraph 13 ReportsI1

Section 25 (reports on overheads and forward planning etc) is amended as follows.

For subsection (3)(a) substitute—

“(a)

where P is associated with one or more other persons—

(i)

the ultimate parent undertaking in relation to P and those other persons, or

(ii)

where permitted under the regulations in relation to a report mentioned in subsection (2), another person associated with P which that undertaking and the Secretary of State have agreed is to be a designated person in relation to that report, and”.

After subsection (8) insert—

“(8A)

In this section, “financial year” means a year beginning with 1 April or a year beginning with such other date as may be agreed between the Secretary of State and a designated person.”