Elimination of group transactions
This section has no associated Explanatory Memorandum
35. For sub-paragraph (4) of paragraph 6 substitute—
“(4) Sub-paragraphs (1) and (2) need not be complied with—
(a)where a transaction has been concluded according to normal market conditions and a policyholder has rights in respect of the transaction, or
(b)if the amounts concerned are not material for the purpose of giving a true and fair view.
(5) Where advantage is taken of sub-paragraph (4)(a) that fact must be disclosed in the notes to the accounts, and where the transaction in question has a material effect on the assets, liabilities, financial position and profit or loss of all the undertakings included in the consolidation that fact must also be so disclosed.”.