Paragraph 13 F1

United Kingdom

(1)

This paragraph applies where the appointment of a reporting company has effect in relation to a period of account of a worldwide group.

(2)

The reporting company may—

(a)

elect that the interest allowance of the group is to be calculated using the group ratio method, or

(b)

revoke an election previously made.

(3)

An election or revocation under this paragraph has effect in relation to the period of account.

(4)

An election under this paragraph is referred to in this Part of this Act as a “group ratio election”.

(5)

For provision as to the effect of a group ratio election, see section 396.

Annotations

F1: Sch. 7A inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28)