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(1)This section applies in relation to section 266 for calculating the UK trading income of the worldwide group for a period of account.
(2)The trading income for that period of a F1... company is the aggregate of—
(a)the gross income calculated in accordance with subsection (3), and
(b)the net income calculated in accordance with subsection (4).
(3)The income mentioned in subsection (2)(a) is the gross income—
(a)arising from the activities of the F2... company (other than net-basis activities), and
(b)accounted for as such under generally accepted accounting practice,
without taking account of any deductions (whether for expenses or otherwise).
(4)The income mentioned in subsection (2)(b) is the net income arising from the net-basis activities of the F3... company that—
(a)is accounted for as such under generally accepted accounting practice, or
(b)would be accounted for as such if income arising from such activities were accounted for under generally accepted accounting practice.
(5)Subsections (3) and (4) are subject to subsection (6).
(6)If a proportion of an accounting period of a F4... company does not fall within the period of account of the worldwide group, the gross income or net income for that accounting period of the company is to be reduced, for the purposes of this section, by that proportion.
(7)Gross income or net income is to be disregarded for the purposes of subsection (2) if the income arises in respect of an amount payable by another member of the worldwide group that is either a UK group company or a [F5group securitisation company].
(8)In this section “net-basis activity” means activity that is normally reported on a net basis in financial statements prepared in accordance with generally accepted accounting practice.
Textual Amendments
F1Words in s. 271(2) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 10(2), 36(1)
F2Words in s. 271(3) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 10(2), 36(1)
F3Words in s. 271(4) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 10(2), 36(1)
F4Words in s. 271(6) omitted (retrospectively) by virtue of Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 10(2), 36(1)
F5Words in s. 271(7) substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 10(3), 36(1)
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