Textual Amendments
F1Sch. 19 paras. 15-15Z5 and cross-headings substituted for Sch. 19 paras. 15-23 (with effect in accordance with Sch. 9 para. 35 of the amending Act) by Finance Act 2018 (c. 3), Sch. 9 para. 2
15J(1)This paragraph applies in relation to a UK sub-group if—U.K.
(a)each member of the UK sub-group is a UK resident entity,
(b)none of those members is a designated FPE entity, and
(c)the relevant group’s responsible member has not made an entity-by-entity election (see paragraph 15L) in relation to the UK sub-group.
(2)The assets, equity and liabilities, as at the end of the chargeable period, of the UK sub-group are to be determined by reference to the amounts recognised in the sub-group’s consolidated financial statements for the chargeable period.
(3)To determine the UK-based equity and liabilities of the UK sub-group, as at the end of the chargeable period—
(a)determine the amount of the UK sub-group’s equity and liabilities in accordance with sub-paragraph (2), and
(b)adjust that amount in accordance with paragraph 15N.]