Section 363 | Companies connected for sections 361 to 362A

(1)For the purposes of sections 361 to 362A there is a connection between two companies at any time if condition A or B is met at that time.

(2)Condition A is that one company has control of the other.

(3)Condition B is that both companies are under the control of the same person (but see subsection (6)).

(4)For the purposes of sections 361 to 362A there is a connection between two companies in a period of account if there is a connection between them (within subsection (1)) at any time in the period.

(5)Section 472 (meaning of “control”) applies for the purposes of this section.

(6)Condition B is not taken to be met just because two companies have been under the control of—

(a)the Crown,

(b)a Minister of the Crown,

(c)a government department,

(d)a Northern Ireland department,

(e)a foreign sovereign power, or

(f)an international organisation.

(7)Section 468 (connection between companies to be ignored in some circumstances) applies for the purposes of this section as it applies for the purposes of the provisions which apply section 466, taking references in sections 468 and 469 to the accounting period as references to the period of account.

(8)For the meaning of “international organisation”, see section 476(2) and (3).