678.This section defines some expressions. It is based on paragraph 7 of Schedule 18 to ICTA.
679.The “relevant accounting period” is used for the calculation of a company’s entitlement to profits or assets. Such a calculation is used to determine whether or nota company:
is a member of a group; or
is owned by a consortium.
680.Subsections (2) and (3) explain how to make the calculations in the cases of non-UK resident companies.