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Finance Act 2002

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This is the original version (as it was originally enacted).

Reference to consolidated group accounts

6(1)In determining whether a company’s accounts are correct, reference may be made to any view as to—

(a)the useful life of an asset, or

(b)the economic value of an asset,

taken for the purposes of consolidated group accounts prepared for any group of companies of which the company is a member.

(2)In sub-paragraph (1)—

  • “consolidated group accounts” means group accounts that satisfy the requirements of—

    (a)

    section 227 of the Companies Act 1985 (c. 6), or

    (b)

    in Northern Ireland, Article 235 of the Companies (Northern Ireland) Order 1986 (SI 1986/1032 (N.I. 6)),

    or the corresponding requirements of the law of a country outside the United Kingdom; and

  • “group of companies” means a group as defined in—

    (a)

    section 262(1) of that Act, or

    (b)

    in Northern Ireland, Article 270(1) of that Order,

    or the corresponding provision of the law of a country outside the United Kingdom.

(3)This paragraph does not apply if or to the extent that the consolidated group accounts are prepared—

(a)in accordance with the requirements of the law of a country outside the United Kingdom, and

(b)on a basis that, in relation to the matters mentioned in sub-paragraph (1), substantially diverges from generally accepted accounting practice.

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