Section 479 | Availability of small companies exemption in case of group company

(1)A company is not entitled to the exemption conferred by section 477 (small companies) in respect of a financial year during any part of which it was a group company unless—

(a)the group—^F1

(i)qualifies as a small group in relation to that financial year, and^F1

(ii)was not at any time in that year an ineligible group, or^F1

(b)subsection (3) applies.

(2)Repealed^F2

(3)A company is not excluded by subsection (1) if, throughout the whole of the period or periods during the financial year when it was a group company, it was both a subsidiary undertaking and dormant.

(4)In this section—

(a)“group company” means a company that is a parent company or a subsidiary undertaking, and

(b)“the group”, in relation to a group company, means that company together with all its associated undertakings.

For this purpose undertakings are associated if one is a subsidiary undertaking of the other or both are subsidiary undertakings of a third undertaking.

(5)For the purposes of this section—

(a)whether a group qualifies as small shall be determined in accordance with section 383 (companies qualifying as small: parent companies);

(b)“ineligible group” has the meaning given by section 384(2) and (3);

(c)Repealed^F3

(d)Repealed^F3

(e)Repealed^F3

(6)The provisions mentioned in subsection (5) apply for the purposes of this section as if all the bodies corporate in the group were companies.