Valid from 19/07/2006
18(1)In the application of section 121(1)—U.K.
(a)the reference to a company to which Part 4 applies shall be treated as a reference to the principal company of a group to which Part 4 applies, and
(b)the reference to the profits of C (tax-exempt) shall be treated as a reference to amounts shown in the financial statements of G (property rental business) as—
(i)the profits of the UK resident members of the group, and
(ii)gains accruing to UK resident members of the group.
(2)In section 121(5) the reference to a company to which Part 4 applies shall be treated as a reference to the principal company of a group to which Part 4 applies.
(3)In the application of section 121(8)—
(a)for paragraph (a) substitute—
“(a)the reference to the principal company of a group to which this Part applies includes a reference to the principal company of G (post-cessation),” and
(b)disregard paragraph (b).