Finance Act 2020
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Change 1
57 Meaning of “group”, “parent” etc
(1) In this Part “group” means— (a) any entity which— (i) is a relevant entity (see section 58), and (ii) meets condition A or B (see subsections (2) and (3)), and (b) each subsidiary (if any) of the entity mentioned in paragraph (a). (2) Condition A is that the entity— (a) is a member of a GAAP group, and (b) is not a subsidiary of an entity that— (i) is a relevant entity, and (ii) itself meets condition A. (3) Condition B is that the entity is not a member of a GAAP group. (4) In this Part— (a) references to the “parent” of a group are to the entity mentioned in subsection (1)(a); (b) references to a “member” of a group are to an entity mentioned in subsection (1)(a) or (b); (c) “subsidiary” has the meaning given by the applicable accounting standards. (5) In this section “GAAP group” means a group within the meaning of the applicable accounting standards. (6) For the meaning of “the applicable accounting standards” see section 64.
57 Meaning of “group”, “parent” etc
(1) In this Part “group” means— (a) any entity which— (i) is a relevant entity (see section 58), and (ii) meets condition A or B (see subsections (2) and (3)), and (b) each subsidiary (if any) of the entity mentioned in paragraph (a). (2) Condition A is that the entity— (a) is a member of a GAAP group, and (b) is not a subsidiary of an entity that— (i) is a relevant entity, and (ii) itself meets condition A. (3) Condition B is that the entity is not a member of a GAAP group. (4) In this Part— (a) references to the “parent” of a group are to the entity mentioned in subsection (1)(a); (b) references to a “member” of a group are to an entity mentioned in subsection (1)(a) or (b); (c) “subsidiary” has the meaning given by the applicable accounting standards. (5) In this section “GAAP group” means a group within the meaning of the applicable accounting standards. (6) For the meaning of “the applicable accounting standards” see section 64.
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