Companies Act 2014 section 1457

Certain undertakings exempt from inclusion in a consolidated payment report

Section 1457 sets out the circumstances in which an undertaking may be excluded from a consolidated payment report, and the condition that must be met before these exemptions can be relied upon.

• An undertaking need not be included in a consolidated payment report where severe long-term restrictions substantially hinder the holding company's control over that undertaking's assets or management.
• Exclusion is also permitted in extremely rare cases where the necessary information cannot be obtained without disproportionate expense or undue delay.
• An undertaking held by the holding company exclusively with a view to subsequent resale may likewise be excluded.
• These exemptions are only available if the holding company has already relied on the equivalent exemptions under section 303 when preparing its group financial statements under section 293.

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