Section 403 | Calculations under sections 401 and 402: investor worldwide groups

(1)This section applies—

(a)in determining, under section 401, the group ratio percentage of the investor's worldwide group for a period of account;

(b)in determining, under section 402, the qualifying net group-interest expense of the investor's worldwide group for a period of account.

(2)Where the group ratio (blended) election specifies that a particular election under Schedule 7A (“the investor's election”) is to be treated as having effect, or as not having effect, in relation to periods of account of the investor's worldwide group, the investor's election is to be so treated in determining the amounts mentioned in subsection (1).

(3)Where the group ratio (blended) election does not specify that a particular election under Schedule 7A (“the investor's election”) is to be treated as having effect, or as not having effect, in relation to periods of account of the investor's worldwide group, the investor's election is to be treated as having effect in determining the amounts mentioned in subsection (1) only if it was in fact made in relation to the period of account in question by a reporting company of the investor's worldwide group.

(4)In this section “the investor's worldwide group” has the same meaning as in section 401.