Sch 6 para 35 Elimination of group transactions
For sub-paragraph (4) of paragraph 6 substitute— (4) Sub-paragraphs (1) and (2) need not be complied with— (a) where a transaction has been concluded according to normal market conditions and a policyholder has rights in respect of the transaction, or (b) if the amounts concerned are not material for the purpose of giving a true and fair view. (5) Where advantage is taken of sub-paragraph (4)(a) that fact must be disclosed in the notes to the accounts, and where the transaction in question has a material effect on the assets, liabilities, financial position and profit or loss of all the undertakings included in the consolidation that fact must also be so disclosed.