Finance (No. 3) Act 2010

37 (1) If an authorised corporate entity makes an election under this paragraph, the amendments made by paragraphs 4 and 5(3) and (4) do not have effect in relation to any period of account of the worldwide group that begins before the day on which this Act is passed. U.K.

(2) The election—

(a) must be signed on behalf of the authorised corporate entity by the appropriate person, and

(b) must be received by HMRC no later than one year after the end of the first period of account of the worldwide group that begins on or after 1 January 2010 (“the initial period of account”).

(3) The following are authorised corporate entities in relation to the worldwide group—

(a) if an appointment under section 276 or 288 of TIOPA 2010 has effect in relation to the initial period of account, the company appointed under that section, and

(b) the ultimate UK parent of the worldwide group.

(4) The election is irrevocable.

(5) In this paragraph “the appropriate person”, in relation to an authorised corporate entity, means—

(a) where the authorised corporate entity is a company, the proper officer of the company, or

(b) such other person as may for the time being have the express, implied or apparent authority of the authorised corporate entity to act on its behalf for the purposes of this paragraph.

(6) Subsections (3) and (4) of section 108 of TMA 1970 (responsibility of company officers: meaning of “proper officer”) apply for the purposes of this paragraph as they apply for the purposes of that section.

(7) In this paragraph “the ultimate UK parent”, in relation to the worldwide group, means an entity that—

(a) is a member of the worldwide group,

(b) is a corporate entity that is not a limited liability partnership in relation to which section 1273(1) of CTA 2009 (limited liability partnerships) applies,

(c) is not a collective investment scheme or an entity that would be a collective investment scheme but for the fact that it is a body corporate,

(d) is resident in the United Kingdom, and

(e) is not a subsidiary (whether direct or indirect) of an entity that meets each of the conditions in paragraphs (a) to (d).

(8) The following expressions have the same meaning in this paragraph as they have in Part 7 of TIOPA 2010—

• “collective investment scheme”;

• “corporate entity”;

• “period of account of the worldwide group”;

• “subsidiary”;

• “the worldwide group”.