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7(1)The worldwide group is a qualifying financial services group in a period of account if the trading income condition—
(a)is met in relation to that period, or
(b)is not met in relation to that period, but only because of losses incurred by the group in respect of activities that are normally reported on a net basis in financial statements prepared in accordance with international accounting standards.
(2)The trading income condition is met in relation to a period of account if—
(a)all or substantially all of the UK trading income of the worldwide group for that period, or
(b)all or substantially all of the worldwide trading income of the worldwide group for that period,
is derived from qualifying activities (see paragraph 8).
(3)In this Part, in relation to a period of account of the worldwide group—
“UK trading income” means the sum of the trading income for that period of each company that was a relevant group company at any time during that period (see paragraph 12);
“worldwide trading income” means the trading income for that period of the worldwide group (see paragraph 13).
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