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)(1) 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)(2) 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.

(1)

Section 305A was inserted by paragraph 8 of Schedule 5 to the Finance Act 2012 (c. 14).

(2)

Section 348A was inserted by paragraph 18 of Schedule 5 to the Finance Act 2012.