Corporation Tax Act 2009 section 370

Group accounting periods

Section 370 defines what a "group accounting period" means for the purposes of the group financing rules, and explains how the accounting periods of different group members are matched together.

• A group accounting period is any accounting period of the member company starting on or after 1 October 2002, together with any corresponding accounting periods of other group members starting on or after that date.
• Matching accounting periods of the member company and other group members are treated as the same accounting period for the purposes of this chapter.
• A group member's accounting period corresponds to the member company's period if the two coincide, or if the member company's period includes more than half of the group member's period, or if the member company's period includes part of the group member's period and the remainder falls outside any of the member company's accounting periods.
• Three conditions (A, B and C) provide alternative tests for determining whether a group member's accounting period corresponds to the member company's, ensuring all group members' periods can be aligned even where their year ends differ.