Companies Act 2014
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Application of section 297 in certain circumstances and cessation of exemption | ||
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298. (1) In this section the reference to the group requirement being met is a reference to the company concerned and all of its subsidiary undertakings taken as a whole satisfying at least 2 of the 3 conditions in section 297 (3). | ||
(2) A company which before the commencement of this Part is not a holding company but which becomes a holding company on or after the commencement of this Part may avail itself of the exemption in section 297 (2) in respect of the financial year in which it becomes a holding company if the group requirement is met in respect of that financial year. | ||
(3) Where a holding company qualifies to avail itself of the exemption in section 297 (2) it shall continue to be so qualified, unless in the latest financial year of the company and the financial year of the company immediately preceding that financial year, the group requirement is not met. |