CFM5555b - Taxing loan relationships: impairment – consortia: “group accounting period”

When the Para 5A restriction applies: group accounting period

A group accounting period is defined in Schedule 9 Para 5A(17) FA 1996 as any accounting period of the consortium member

• beginning on or after 1 October 2002, or
• corresponding to such an accounting period.

An accounting period of a group member will correspond with that of a consortium member if

• the two accounting periods coincide, or
• the consortium member’s accounting period includes more than half of the group member’s accounting period, or
• the consortium member’s accounting period includes part of the group member’s accounting period, where the rest of the group member’s accounting period doesn’t fall within any accounting period of the consortium member.