Excluded schemes in relation to a large group

Excluded schemes for the purposes of the application of Part 7 of TIOPA to a large group
2. (1) A scheme is an excluded scheme for the purposes of section 305A of TIOPA (schemes preventing Part 7 applying to a large group) if it is a relevant event as a result of which subsection (2) of section 348A (financial statements: business combinations to which the worldwide group is a party) of TIOPA applies.
Section 305A was inserted by paragraph 8 of Schedule 5 to the Finance Act 2012 (c. 14).
Section 348A was inserted by paragraph 18 of Schedule 5 to the Finance Act 2012.
But this is subject to regulation 12.
(2) In paragraph (1), “relevant event” has the same meaning as in section 348A of TIOPA.