C1C2Part 7Tax treatment of financing costs and income
Pt. 7 excluded by 2010 c. 4, s. 938V(d) (as inserted (with effect in accordance with Sch. 20 para. 6 of the amending Act) by Finance Act 2013 (c. 29), Sch. 20 para. 3)
CHAPTER 10Other interpretative F1and supplementary provisions
Words in Pt. 7 Ch. 10 heading substituted (retrospectively) by Finance (No. 3) Act 2010 (c. 33), Sch. 5 paras. 29, 36(1)
348Non-existent financial statements of the worldwide group
1
This section applies if financial statements of the worldwide group are not drawn up in respect of a period (“the relevant period”).
2
If the relevant period is 12 months or less, this Part (apart from this section) applies as if IAS financial statements had been drawn up in respect of the relevant period.
3
If the relevant period is more than 12 months, this Part (apart from this section) applies as if IAS financial statements had been drawn up in respect of each period to which subsection (4) applies.
4
This subsection applies to a period if—
a
it is the first period of 12 months falling within the relevant period,
b
it is a period of 12 months falling within the relevant period that begins immediately after the end of the period mentioned in paragraph (a), or immediately after the end of a period determined under this paragraph, or
c
it is a period of less than 12 months that—
i
begins immediately after the end of the period mentioned in paragraph (a) or after the end of a period determined under paragraph (b), and
ii
ends at the end of the relevant period.
5
In this section, references to IAS financial statements of the worldwide group for a period are to financial statements of the group for the period drawn up in accordance with international accounting standards.
F35A
But, where the effect of the operation of paragraph 31 of International Financial Reporting Standard 10 is that financial statements of the group for a period drawn up in accordance with international accounting standards would not be consolidated financial statements, references in this section to IAS financial statements of the worldwide group for that period are to the financial statements of the ultimate parent drawn up in accordance with international accounting standards.
F26
Subsection (7) applies if—
a
financial statements of the worldwide group are drawn up in respect of a period (“the whole period”), but
b
the worldwide group was in existence for only part of that period (“the relevant part”).
7
For the purposes of this Part (other than subsection (7))—
a
those statements are to be ignored, and
b
subsections (2) to (5) apply to the relevant part as they apply to the relevant period,
(and, accordingly, neither the whole period nor the remainder of it is to be treated as a period of account of the worldwide group to which this Part applies).
Pt. 7 excluded by 2010 c. 4, s. 938N (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)