31(1)This paragraph sets out the requirements referred to in paragraph 5(2) for financial statements in respect of a group to which Part 4 applies in relation to an accounting period of the principal company.E+W+S+N.I.
(2)The principal company shall prepare—
(a)a financial statement for G (property rental business) for the accounting period,
(b)a financial statement for G (property rental business) in respect of its UK business, and
(c)a financial statement for G (residual) for the accounting period.
(3)A financial statement under sub-paragraph (2)(a) or (c) shall specify, in relation to each member—
(a)income (calculated in accordance with international accounting standards),
(b)expenses (calculated in accordance with international accounting standards),
(c)profits before tax excluding gains or losses on property (whether realised or not) calculated in accordance with international accounting standards, and
(i)at the beginning of the accounting period,
(ii)in accordance with international accounting standards,
(iii)using fair value where there is a choice, and
(iv)disregarding liabilities secured against or otherwise relating to the assets.
(4)A financial statement under sub-paragraph (2)(b) shall specify, in relation to each member, profits calculated in accordance with section 120.
(5)Where a non-member of the group holds a percentage of the beneficial interest in a member (other than the principal company), the financial statements for G (property rental business) and G (residual) shall exclude that percentage of income, expenses, gains, losses, assets and liabilities of the member.
(6)Percentages of beneficial interest for the purpose of sub-paragraph (5) shall be determined by reference to beneficial entitlement to profits available for distribution to equity holders.
(7)The Commissioners for Her Majesty's Revenue and Customs may by regulations—
(a)make further provision relating to the content of a financial statement (which may, in particular—
(i)permit or require apportionment or otherwise prescribe or refer to accounting practice,
(ii)provide for the inclusion or exclusion of specified income, expenses, gains, losses, assets and liabilities,
(iii)make provision about the treatment of an interest in a business held by a member),
(b)prescribe the form of a financial statement, and
(c)specify a time before which a financial statement must be supplied to the Commissioners.
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