HL Deb 13 November 1989 vol 512 c1130

325 Schedule 2, page 161, line 11, leave out 'that of the parent company' and insert 'the end of the parent company's financial year'.

Lord Trefgarne

My Lords, I beg to move that the House do agree with the Commons in their Amendment No. 325. I should like to speak also to Amendments Nos. 336, 337, 339 to 343 and 346 to 356. The amendments make minor changes to Schedules 2 and 3. Amendments Nos. 325, 339, 340, 342, 346 and 349 make identical changes in a number of places in Schedules 2 and 3 to the meaning of the expression "relevant financial year". In various contexts it removes an ambiguity which might otherwise cause confusion in relation to various references to financial years.

Amendments Nos. 336 and 337 correct small defects in paragraph 17 of Schedule 2. That paragraph requires that where a parent company excludes one or more of its subsidiary undertakings from its consolidated accounts in accordance with the requirements of the new section 229(4) the group's interests in that undertaking shall be shown by way of the equity method of accounting.

Amendment No. 341 removes an unnecessary burden. Amendments Nos. 343, 350 to 356 make minor changes to paragraphs 10 and 29 of Schedule 3. I hope that all the amendments will commend themselves to your Lordships.

Moved, That the House do agree with the Commons in the said amendment. —(Lord Trefgarne.)

On Question, Motion agreed to.