Taxes Consolidation Act 1997 section 419

The relevant accounting period, etc

Section 419 defines "the relevant accounting period" for the purposes of the group relief provisions and clarifies the treatment of loans as securities.

• The "relevant accounting period" is defined differently depending on whether the relief claimed is standard group relief or consortium relief.
• For standard group relief, the relevant accounting period is the accounting period current at the time the ownership tests are applied.
• For consortium relief, the relevant accounting period is the accounting period by reference to which the consortium member's share is determined.
• A loan to a company is treated as a security for the purposes of sections 413 to 418, regardless of whether it is secured and, if secured, regardless of the nature of the security.

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