- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
31(1)This paragraph sets out the requirements referred to in paragraph 5(2) for financial statements in respect of a group to which Part 4 applies in relation to an accounting period of the principal company.
(2)The principal company shall prepare—
(a)a financial statement for G (property rental business) for the accounting period,
(b)a financial statement for G (property rental business) in respect of its UK business, and
(c)a financial statement for G (residual) for the accounting period.
(3)A financial statement under sub-paragraph (2)(a) or (c) shall specify, in relation to each member—
(a)income (calculated in accordance with international accounting standards),
(b)expenses (calculated in accordance with international accounting standards),
(c)profits before tax excluding gains or losses on property (whether realised or not) calculated in accordance with international accounting standards, and
(d)assets valued—
(i)at the beginning of the accounting period,
(ii)in accordance with international accounting standards,
(iii)using fair value where there is a choice, and
(iv)disregarding liabilities secured against or otherwise relating to the assets.
(4)A financial statement under sub-paragraph (2)(b) shall specify, in relation to each member, profits calculated in accordance with section 120.
(5)Where a non-member of the group holds a percentage of the beneficial interest in a member (other than the principal company), the financial statements for G (property rental business) and G (residual) shall exclude that percentage of income, expenses, gains, losses, assets and liabilities of the member.
(6)Percentages of beneficial interest for the purpose of sub-paragraph (5) shall be determined by reference to beneficial entitlement to profits available for distribution to equity holders.
(7)The Commissioners for Her Majesty’s Revenue and Customs may by regulations—
(a)make further provision relating to the content of a financial statement (which may, in particular—
(i)permit or require apportionment or otherwise prescribe or refer to accounting practice,
(ii)provide for the inclusion or exclusion of specified income, expenses, gains, losses, assets and liabilities,
(iii)make provision about the treatment of an interest in a business held by a member),
(b)prescribe the form of a financial statement, and
(c)specify a time before which a financial statement must be supplied to the Commissioners.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: