Public infrastructureU.K.
14(1)Section 435 (group elections modifying the operation of sections 433 and 434) is amended as follows.
(2)In subsection (1), after “worldwide group” insert “, and have each made an election under section 433,”.
(3)In subsection (2)—
(a)before paragraph (a) insert—
“(aa)must be made before the end of the earliest elected accounting period (see subsection (11));”;
(b)in paragraph (a), after “election” insert “, which may not be before the first day of the earliest elected accounting period”.
(4)In subsection (3), for “an election, revocation” substitute “a revocation”.
(5)At the end insert—
“(11)The “earliest elected accounting period” is the accounting period which—
(a)is the first elected accounting period of an elected company, and
(b)begins no later than the first elected accounting period of each other elected company.
(12)For the purposes of subsection (11), the “first elected accounting period” of an elected company is the first of the company’s accounting periods in relation to which the election is to have effect.
(13)If there is more than one earliest elected accounting period under subsection (11) and those periods (the “relevant periods”) do not all end on the same date, the “earliest elected accounting period” is the relevant period that ends no later than each of the other relevant periods.”