57Meaning of “group”, “parent” etcU.K.
(1)In this Part “group” means—
(a)any entity which—
(i)is a relevant entity (see section 58), and
(ii)meets condition A or B (see subsections (2) and (3)), and
(b)each subsidiary (if any) of the entity mentioned in paragraph (a).
(2)Condition A is that the entity—
(a)is a member of a GAAP group, and
(b)is not a subsidiary of an entity that—
(i)is a relevant entity, and
(ii)itself meets condition A.
(3)Condition B is that the entity is not a member of a GAAP group.
(4)In this Part—
(a)references to the “parent” of a group are to the entity mentioned in subsection (1)(a);
(b)references to a “member” of a group are to an entity mentioned in subsection (1)(a) or (b);
(c)“subsidiary” has the meaning given by the applicable accounting standards.
(5)In this section “GAAP group” means a group within the meaning of the applicable accounting standards.
(6)For the meaning of “the applicable accounting standards” see section 64.