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Finance Act 2020

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57Meaning of “group”, “parent” etcU.K.

(1)In this Part “group” means—

(a)any entity which—

(i)is a relevant entity (see section 58), and

(ii)meets condition A or B (see subsections (2) and (3)), and

(b)each subsidiary (if any) of the entity mentioned in paragraph (a).

(2)Condition A is that the entity—

(a)is a member of a GAAP group, and

(b)is not a subsidiary of an entity that—

(i)is a relevant entity, and

(ii)itself meets condition A.

(3)Condition B is that the entity is not a member of a GAAP group.

(4)In this Part—

(a)references to the “parent” of a group are to the entity mentioned in subsection (1)(a);

(b)references to a “member” of a group are to an entity mentioned in subsection (1)(a) or (b);

(c)subsidiary” has the meaning given by the applicable accounting standards.

(5)In this section “GAAP group” means a group within the meaning of the applicable accounting standards.

(6)For the meaning of “the applicable accounting standards” see section 64.

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