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Companies Act 1985
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- UK Public General Acts
- 1985 c. 6
- Schedule 4A
- Elimination of group transactions
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Changes over time for: Cross Heading: Elimination of group transactions
Version Superseded: 06/04/2008
Alternative versions:
- 01/02/1991- Amendment
- 01/12/2003
Point in time - 06/04/2008- Amendment
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Point in time view as at 01/12/2003.
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There are currently no known outstanding effects for the Companies Act 1985, Cross Heading: Elimination of group transactions.
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[F1 Elimination of group transactions]E+W+S
Textual Amendments
F1Sch. 4A inserted (subject to the transitional and saving provisions in S.I. 1990/355, arts. 6–9) by Companies Act 1989 (c. 40, SIF 27), ss. 5(2), 213(2), Sch. 2
6(1)Debts and claims between undertakings included in the consolidation, and income and expenditure relating to transactions between such undertakings, shall be eliminated in preparing the group accounts.
(2)Where profits and losses resulting from transactions between undertakings included in the consolidation are included in the book value of assets, they shall be eliminated in preparing the group accounts.
(3)The elimination required by sub-paragraph (2) may be effected in proportion to the group’s interest in the shares of the undertakings.
(4)Sub-paragraphs (1) and (2) need not be complied with if the amounts concerned are not material for the purpose of giving a true and fair view.
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