Excluded schemes in relation to a large group
Excluded schemes for the purposes of the application of Part 7 of TIOPA to a large group2.
(1)
A scheme is an excluded scheme for the purposes of section 305A of TIOPA (schemes preventing Part 7 applying to a large group)4 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)5 of TIOPA applies.
But this is subject to regulation 12.
(2)
In paragraph (1), “relevant event” has the same meaning as in section 348A of TIOPA.