(1) A company is not entitled to the exemption conferred by section 477 (small companies) in respect of a financial year during any part of which it was a group company unless -
(i) qualifies as a small group in relation to that financial year, and
(ii) was not at any time in that year an ineligible group, or
(b) subsection (3) applies.
(2) [deleted]
(3) A company is not excluded by subsection (1) if, throughout the whole of the period or periods during the financial year when it was a group company, it was both a subsidiary undertaking and dormant.
(4) In this section -
(a) "group company" means a company that is a parent company or a subsidiary undertaking, and
(b) "the group", in relation to a group company, means that company together with all its associated undertakings.
For this purpose undertakings are associated if one is a subsidiary undertaking of the other or both are subsidiary undertakings of a third undertaking.
(5) For the purposes of this section -
(a) w
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