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The Reports on Payments to Governments Regulations 2014
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- UK Statutory Instruments
- 2014 No. 3209
- PART 2
- Regulation 11
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Exemption from consolidated report
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11.—(1) Payments made by a subsidiary undertaking may be excluded from the consolidated report where—
(a)severe long-term restrictions substantially hinder the exercise of the rights of the parent undertaking over the assets or management of that subsidiary undertaking;
(b)the information necessary for the preparation of the consolidated report cannot be obtained without disproportionate expense or undue delay; or
(c)the shares of that undertaking are held exclusively with a view to subsequent resale.
(2) The parent undertaking may only exclude payments by a subsidiary undertaking under paragraph (1)(a) to (c) where the subsidiary undertaking is excluded from the consolidated group accounts on the same basis.
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