- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
(1)For the purposes of this Chapter a company which is a subsidiary is a dependent subsidiary throughout a period of account of the company unless—
(a)the whole or substantially the whole of the company’s business during the period of account (taken as a whole) is business carried on with persons who are not members of the same group as the company,
(b)during the period of account either there is no increase in the value of the company as a result of intra-group transactions, or any such increase in value does not exceed 5 per cent. of the value of the company at the beginning of the period (or a proportionately greater or smaller percentage in the case of a period which is longer or shorter than a year),
(c)the directors of the principal company of the group give to the inspector, not later than two years after the end of the period of account, a certificate that in their opinion the conditions mentioned in paragraphs (a) and (b) above are satisfied in relation to the period of account, and
(d)there is attached to the certificate a report addressed to those directors by the auditors of the subsidiary that the auditors—
(i)have enquired into the state of affairs of the company with particular reference to the conditions mentioned in paragraphs (a) and (b) above, and
(ii)are not aware of anything to indicate that the opinion expressed by the directors in their certificate is unreasonable in all the circumstances.
(2)For the purposes of subsection (1)(a) above business carried on with any subsidiary of the company concerned shall be treated as carried on with a person who is not a member of the same group as the company unless the whole or substantially the whole of the business of that or any other subsidiary of the company during the company’s period of account (taken as a whole) is carried on with members of the group other than the company and its subsidiaries.
(3)In this section—
“group” means a principal company and all its subsidiaries;
“intra-group transactions” means transactions between companies which are members of the same group on terms which are not such as might be expected to be agreed between persons acting at arm’s length (other than any payment for group relief, within the meaning given in section 402(6) of the Taxes Act 1988);
“period of account”, in relation to a company, means the period for which it makes up its accounts;
“principal company” means a company of which another company is a subsidiary and which is not itself a subsidiary of another company.
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