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(1)In section 262 of the Taxes Act (companies joining or leaving group or consortium) subsection (2) (true accounting period to be treated as two or more separate accounting periods with profits and losses etc. apportioned) shall be amended as follows:—
(a)in paragraph (a), the words " on a time basis according to their lengths " shall be omitted ; and
(b)in paragraph (b), the word " so " shall be omitted ; and
(c)at the end there shall be added the words " and an apportionment under this subsection shall be on a time basis according to the respective lengths of the component accounting periods except that, if it appears that that method would work unreasonably or unjustly, such other method shall be used as appears just and reasonable. "
(2)At the end of subsection (4) of the said section 262 (application of subsections (2) and (3) to consortia) there shall be added the words " except that in a case where—
(a)the surrendering company is owned by a consortium and two or more members of the consortium claim relief in respect of losses or other amounts of the surrendering company, or
(b)the claimant company is owned by a consortium and claims relief in respect of losses or other amounts of two or more members of the consortium,
the basis of apportionment which is adopted under subsection (2) above in relation to the losses or other amounts or, as the case may be, the total profits of the true accounting period of the company owned by the consortium shall be the same on each of the claims."
(3)Subsections (1) and (2) above apply in any case where—
(a)the occasion giving rise to the apportionment under subsection (2) of the said section 262 occurs after 13th March 1984; and
(b)the true accounting period referred to in that subsection begins after 7th November 1983.
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