Textual Amendments
F1Sch. 23 ceases to have effect for specified purposes (1.4.2002) by virtue of 2002 c. 23, ss. 84(1), 117, Sch. 29 Pt. 14 para. 128(4)
4(1)If the taxpayer is a member of a group of companies for which consolidated group accounts are required to be prepared, the accounting approach adopted by the taxpayer for tax purposes in respect of items within paragraph 2 or 3 must not be more cautious than that adopted in the group accounts.U.K.
(2)The “accounting approach” means the accounting policies used in preparing the accounts and the methods of applying those policies.
(3)Where consolidated group accounts are required to be prepared for more than one group of which the taxpayer is a member, this paragraph applies in relation to each of them.
(4)In this paragraph—
“consolidated group accounts” means group accounts that satisfy the requirements of—
or the corresponding requirements of the law of a country outside the United Kingdom; and
“group of companies” means a group as defined in—
or the corresponding provisions of the law of a country outside the United Kingdom.