Finance Act 2006

Valid from 19/07/2006

12 (1) Section 113(1) to (4) shall apply in relation to G (property rental business), G (pre-entry), G (residual) and G (post-cessation) as they apply in relation to C (tax-exempt), C (pre-entry), C (residual) and C (post-cessation). U.K.

(2) Section 113(1) to (6) shall also apply in relation to each UK resident company which is a member of the group; for which purpose—

(a) a reference to C (tax-exempt) is a reference to the company if or in so far as it is a member of G (property rental business),

(b) a reference to C (pre-entry) is a reference to the company as a member of G (pre-entry) (or, in the case of a company which joins a group to which Part 4 applies, a reference to the company before joining),

(c) a reference to C (residual) is a reference to the company if or in so far as it is a member of G (residual), and

(d) a reference to C (post-cessation) is a reference to the company as a member of G (post-cessation) (or, in the case of a company which leaves a group to which Part 4 applies, a reference to the company after leaving).

(3) Where a percentage of the profits of a member of G (property rental business) is excluded from a financial statement in accordance with paragraph 31(5), the excluded percentage shall be treated for the purposes of section 113 as profits of G (residual).