[F1608SControl groupsU.K.
(1)Two persons are in the same control group at any time if—
(a)they are consolidated for accounting purposes for a period which includes that time,
(b)one of them has a 51% investment in the other at that time, or
(c)a third person has a 51% investment in each of them at that time.
(2)Two persons are consolidated for accounting purposes for a period if—
(a)their financial results for the period are required to be comprised in group accounts,
(b)their financial results for the period would be required to be comprised in group accounts but for the application of an exemption, or
(c)their financial results for the period are in fact comprised in group accounts.
(3)In this section “group accounts” means accounts prepared under—
(a)section 399 of the Companies Act 2006, or
(b)any corresponding provision of the law of a territory outside the United Kingdom.
(4)For the meaning of having a 51% investment, see section 608U.]
Textual Amendments
F1Pt. 5 Ch. 2A inserted (with effect in accordance with Sch. 3 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 3 para. 4 (with Sch. 3 para. 8)