(1) Section 80A of the Principal Act is amended -

(a) by inserting the following definition after the definition of "fair value":

"'group limit' means an amount determined by the formula -

A + (B × (C - D) /C)

where -

A is the threshold amount,

B is an aggregate amount computed in accordance with generally accepted accounting practice charged to the profit and loss account for all companies who are members of the group for the period of account which is the same as the specified period in respect of the amortisation or impairment of the cost of specified assets,

C is the cost of specified assets owned by all companies who are members of the group at the end of the specified period, and

D is the lesser of the cost of specified assets owned by all companies who are members of the group at the end of the threshold period or C;",

(b) by inserting the following definition after the definition of "predictable useful life":

"'profit and loss account', in relation to an accounting period of a company, has the meaning assigned to it by generally accepted accounting practice and includes an income and expenditure account where a company prepares accounts in accordance with international accounting standards;",

(c) in the definition of "relevant short-term lease" by substituting "8 years;" for "8 years.",