Section FM 14 — Income Tax Act 2007: Part-year financial statements

FM 14 Part-year financial statements When this section applies (1) This section applies in an income year when— (a) a company joins or leaves a consolidated group during the income year; or (b) a consolidated group is formed or ends its existence during the income year. Who must provide statements (2) The following returns of income for the tax year must include part-year financial statements under sections FM 38(5) and FM 40(4) : (a) by the company when the financial statements relate to a period in which the company is not in the consolidated group: (b) by the consolidated group when the financial statements relate to a period in which the company is in the consolidated group: (c) by another consolidated group when the financial statements relate to a period in which the company is in another consolidated group. Detailed statements (3) The part-year financial statements must determine, as applicable, the annual gross income, annual total deductions, income tax liability, or tax loss of the company in a fair and reasonable way. For this purpose the relevant part of the income year is treated as a complete income year. Defined in this Act: annual gross income , annual total deduction , company , consolidated group , income tax liability , income year , return of income , tax loss , tax year , Compare: 2004 No 35 s FD 9