Section 448(2)

The conditions are that at no time during the relevant accounting reference period— has the company been, to its knowledge, a subsidiary undertaking of an undertaking which was then limited, or have there been, to its knowledge, exercisable by or on behalf of two or more undertakings which were then limited, rights which if exercisable by one of them would have made the company a subsidiary undertaking of it, or has the company been a parent company of an undertaking which was then limited. The references above to an undertaking being limited at a particular time are to an undertaking (under whatever law established) the liability of whose members is at that time limited.

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Source: legislation.gov.uk · retrieved 2026-09-04