(1) Where taxable field expenditure in respect of a taxable field is incurred by a company (in this section referred to as the 'first company') and
(a) another company is a wholly-owned subsidiary of the first company, or
(b) the first company is, at the time the taxable field expenditure is incurred, a wholly-owned subsidiary of another company (in this section referred to as the 'parent company'),
then, the expenditure or so much of it as the first company specifies, may at the election of that company be deemed to be taxable field expenditure in respect of the taxable field incurred -
(i) in the case referred to in paragraph (a), by such other company (being a wholly-owned subsidiary of the first company) as the first company specifies, and
(ii) in the case referred to in paragraph (b), by the parent company or by such other company (being a wholly-owned subsidiary of the parent company) as the first company specifies.
(2) Where under subsection (1) taxable field expenditure incurre
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