Section 371RF | Power to amend section 371RE etc ^F1

(1)The Treasury may by regulations amend section 371RE as they consider appropriate to take account of—

(a)any modification, amendment or revision of Financial Reporting Standard 2, or

(b)any relevant document.

(2)“Relevant document” means—

(a)a document which replaces Financial Reporting Standard 2, or

(b)a document which replaces, modifies, amends or revises a document falling within paragraph (a) or a document which is a relevant document by virtue of this paragraph.

(3)The Treasury may by regulations make provision corresponding to section 371RE—

(a)which operates by reference to any other accounting standard dealing with consolidated financial statements, and

(b)which is to apply, instead of section 371RE, to determine if a person “controls” a company where that person prepares, or is required to prepare, consolidated financial statements in accordance with that standard.

(4)The Treasury may by regulations provide that, if specified conditions are met, a company is not to be taken to be a CFC by virtue of—

(a)section 371RE, or

(b)provision corresponding to section 371RE contained in regulations under subsection (3).

(5)In subsections (3) and (4) references to section 371RE are to that section as amended from time to time by regulations under subsection (1).