Commentary on Sections Overview Overview Section 338: Meaning of “group”
625.This section provides that the term “group” for the purposes of this Part takes it meaning from international accounting standards, thus establishing that “the worldwide group” defined in section 337 will, in the majority of cases, be the group of companies whose results are included in the consolidated accounts of the group headed by the ultimate parent. It is based on paragraph 79 of Schedule 15 to FA 2009.