Companies Act 2014 section 1456

Exemption from preparation where holding undertaking or higher holding undertaking is subject to equivalent reporting requirements

Section 1456 provides an exemption from preparing payments-to-governments reports where the company's parent undertaking already includes the relevant payment information in its own consolidated report under equivalent EU rules.

• Directors of a subsidiary or holding company may be exempt from preparing an entity payment report or a consolidated payment report on payments to governments.
• The exemption applies where a holding undertaking or higher holding undertaking is subject to equivalent reporting requirements under Chapter 10 of the EU Accounting Directive in another Member State.
• The company's payments to governments must be included in a consolidated report prepared by that holding undertaking in accordance with equivalent reporting requirements.
• The consolidated report must be drawn up to the same date, or an earlier date, in the same financial year as the company's own reporting period.

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