Section 614DE — Income Tax Act 2007: Parent undertakings and consolidated group accounts

Parent undertakings and consolidated group accounts 614DE 1 This Part has effect in relation to a body corporate that—

a is a parent undertaking, but b for accounting purposes is not required to prepare consolidated group accounts in accordance with generally accepted accounting practice, as if it were so required.

2 For the purposes of subsection (1) it does not matter where the body corporate is incorporated.

3 In subsection (1) “ parent undertaking ” is to be read in accordance with section 1162 of the Companies Act 2006.