Paragraph 15 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 elect that Chapter 7 of Part 10 (group-interest and group-EBITDA) is to apply subject to the chargeable gains provisions.

(3)

An election under this paragraph—

(a)

has effect in relation to the period of account and subsequent periods of account of the worldwide group, and

(b)

is irrevocable.

(4)

An election under this paragraph is referred to in this Part of this Act as a “group-EBITDA (chargeable gains) election”.

(5)

In this paragraph “the chargeable gains provisions” means the provisions of section 422.

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)