139Profits adjusted to be profits before consolidation adjustments to eliminate intragroup transactionsU.K.
(1)The underlying profits of a member of a multinational group are to be adjusted so that they include income, expenses, gains and losses arising from transactions between that member and other members of that group.
(2)Subsection (1) is subject to—
(a)section 137 (amounts outside profit and loss excluded), and
(b)section 164 (where an election is made under that section to exclude profits from intra-group transactions).