Section 473 Meaning of “a worldwide group”, “ultimate parent” etcF1

(1)

In this Part “a worldwide group” means—

(a)

any entity which—

(i)

is a relevant entity (see section 474), and

(ii)

meets the first or second non-consolidation condition (see subsections (2) and (3)), and

(b)

each consolidated subsidiary (if any) of the entity mentioned in paragraph (a).

(2)

The first non-consolidation condition is that the entity—

(a)

is a member of an IAS group, and

(b)

is not a consolidated subsidiary of an entity that—

(i)

is a relevant entity, and

(ii)

itself meets the first non-consolidation condition.

(3)

The second non-consolidation condition is that the entity is not a member of an IAS group.

(4)

In this Part—

(a)

references to “a member” of a worldwide group are to an entity mentioned in subsection (1)(a) or (b);

(b)

references to “the ultimate parent” of a worldwide group are to the entity mentioned in subsection (1)(a);

(c)

references to “a single-company worldwide group” are to a worldwide group whose only member is its ultimate parent;

(d)

references to “a multi-company worldwide group” are to a worldwide group with two or more members.

(5)

In this section “IAS group” means a group within the meaning given by international accounting standards.

Annotations

F1: Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)

C1: Pt. 10 excluded by 2010 c. 4, s. 937NA (as 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. 7)
C2: Pt. 10 excluded by 2010 c. 4, s. 938V(d) (as substituted (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. 9)
C3: Pt. 10 excluded by 2010 c. 4, s. 938N(e) (as substituted (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. 8)