Acquisition and merger accounting
This section has no associated Explanatory Memorandum
12.—(1) Where a group is acquired, paragraphs 9 to 11 apply with the following adaptations.
(2) References to shares of the undertaking acquired are to be construed as references to shares of the parent undertaking of the group.
(3) Other references to the undertaking acquired are to be construed as references to the group; and references to the assets and liabilities, income and expenditure and capital and reserves of the undertaking acquired must be construed as references to the assets and liabilities, income and expenditure and capital and reserves of the group after making the set-offs and other adjustments required by this Schedule in the case of group accounts.