Section 356GA | Reference periods

(1)For the purposes of sections 356GB to 356GD, the accounting period, or (if the company is not a licensee for the whole of the accounting period) the part or parts of the accounting period for which the company is a licensee, are to be divided into reference periods (each of which “belongs to” the site concerned).

(2)A reference period is a period of consecutive days that meets the following conditions—

(a)at the beginning of each day in the period, the company is a licensee in the licensed area;

(b)at the beginning of each day in the period, the company's share of the equity in the licensed area is the same;

(c)each day in the period falls within the accounting period.