Section 479

A company is not entitled to the exemption conferred by section 477 (small companies) in respect of a financial year during any part of which it was a group company unless— the group— qualifies as a small group in relation to that financial year, and was not at any time in that year an ineligible group, or subsection (3) applies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A company is not excluded by subsection (1) if, throughout the whole of the period or periods during the financial year when it was a group company, it was both a subsidiary undertaking and dormant. In this section— “group company” means a company that is a parent company or a subsidiary undertaking, and “the group”, in relation to a group company, means that company together with all its associated undertakings. For this purpose undertakings are associated if one is a subsidiary undertaking of the other or both are subsidiary undertakings of a third undertaking. For the purposes of this section— whether a group qualifies as small shall be determined in accordance with section 383 (companies qualifying as small: parent companies); “ineligible group” has the meaning given by section 384(2) and (3); . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The provisions mentioned in subsection (5) apply for the purposes of this section as if all the bodies corporate in the group were companies.

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