F1Part 10F1Corporate interest restriction

F1CHAPTER 11Interpretation etc

Financial statements and periods of account

484No actual financial statements: ultimate parent draws up financial statements

(1)

Subsection (2) applies where—

(a)

financial statements of the ultimate parent of a worldwide group are drawn up by or on behalf of the ultimate parent in respect of a period (“the relevant period”),

(b)

consolidated financial statements of the ultimate parent and its subsidiaries are not drawn up by or on behalf of the ultimate parent in respect of the relevant period or any part of it, and

(c)

the group was, at any time during the relevant period, a multi-company worldwide group.

(2)

For the purposes of this Part (apart from this section) IAS financial statements of the worldwide group are treated as drawn up in respect of the relevant period.

(3)

The ultimate parent may elect that subsection (2) is not to apply in relation to financial statements of the ultimate parent.

(4)

An election under subsection (3)—

(a)

has effect in relation to financial statements in respect of periods ending on or after such date as is specified in the election, and

(b)

is irrevocable.

(5)

The date specified in the election may not be before the day on which the election is made.