Textual Amendments
F1Sch. 7A inserted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 2 (with Sch. 5 para. 28)
18(1)This paragraph applies where the appointment of a reporting company has effect in relation to a period of account of a worldwide group.U.K.
(2)The reporting company may elect that Chapter 7 of Part 10 (group-interest and group-EBITDA) is to apply subject to the consolidated partnership provisions.
(3)An election under this paragraph must specify, for the purposes of the consolidated partnership provisions, one or more consolidated partnerships of the worldwide group.
(4)Where an election under this paragraph has been made in relation to a worldwide group, a further election may be made specifying, for the purposes of the consolidated partnership provisions, one or more additional consolidated partnerships of the worldwide group.
(5)An election under this paragraph—
(a)has effect in relation to the period of account and subsequent periods of account of the worldwide group, and
(b)is irrevocable.
(6)An election under this paragraph is referred to in this Part of this Act as an “interest allowance (consolidated partnerships) election”.
(7)In this paragraph “the consolidated partnership provisions” means the provisions of section 430.]