Companies Act 2014 section 1454

Exemption from preparation where certain payments included in consolidated payment report of holding company or higher holding undertaking

Section 1454 provides exemptions for directors of subsidiary or holding companies from the requirement to prepare their own entity payment reports or consolidated payment reports where the company's payments to governments are already captured in the consolidated payment report of a parent undertaking.

• Directors of a subsidiary or holding company need not prepare a separate entity payment report if the company's payments to governments are included in the holding company's consolidated payment report.
• A further exemption applies where a parent undertaking or higher parent undertaking is subject to equivalent reporting requirements under the EU Accounting Directive in another EU member state.
• For this second exemption to apply, the company's payments to governments must be included in the consolidated report drawn up by that parent undertaking.
• Both exemptions aim to avoid duplication of reporting where the relevant payment information is already disclosed at a group level.

---