[486 Election altering period of account deemed under section 485]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[486  Election altering period of account deemed under section 485]

[(1)     This section applies where, disregarding this section, IAS financial statements of a worldwide group would be treated under section 485(4)(a) or (b) as drawn up for a period (“the default period of account”) during an accounts-free period.

(2)     The ultimate parent of the group may make an election under this section in relation to the default period of account.

(3)     Where an election under this section is made, section 485 has effect as if subsection (4)(a)

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