9(1)In paragraph 8 above “the relevant time”, in relation to a group of companies, is—U.K.
(a)the first time when any company which is then a member of the group, and is not an outgoing company in relation to the group, makes a disposal to which section 35 applies,
(b)the time immediately following the first occasion when a company which is an incoming company in relation to the group becomes a member of the group,
(c)the time when an election is made by the principal company,
whichever is earliest.
(2)In paragraph 8 above and this paragraph—
“incoming company”, in relation to a group of companies, means a company which—
makes its first disposal to which section 35 applies at a time when it is not a member of the group, and
becomes a member of the group before the end of the period during which an election under section 35(5) could be made in relation to it and at a time when no such election has been made, and
“outgoing company”, in relation to a group of companies, means a company which ceases to be a member of the group before the end of the period during which an election under section 35(5) could be made in relation to it and at a time when no such election has been made.
(3)Section 170 shall have effect for the purposes of paragraph 8 above and this paragraph as for those of sections 170 to 181.