Taxation (International and Other Provisions) Act 2010 section 435

Group elections modifying the operation of sections 433 and 434

Section 435 allows companies within the same worldwide group that have each individually elected to be treated as qualifying infrastructure companies to make a joint group election that modifies how the qualifying infrastructure company tests and related election rules apply to them.

• Two or more companies in the same worldwide group, each already having elected qualifying infrastructure company status under section 433, may jointly elect to pool their income and assets when assessing whether they meet the qualifying tests
• Under the group election, each company is treated as also holding the income and assets of all other elected companies when determining whether non-qualifying amounts are insignificant
• If any one elected company fails the qualifying tests, all elected companies in the group are treated as failing those tests for any overlapping periods covered by the election
• Where more than half of the elected companies have held section 433 elections for at least five years, the normal five-year lock-in rule preventing early revocation of those elections is switched off for all of them

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