Finance Act 2020

57 Meaning of “group”, “parent” etc

(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.