451. Availability of small LLPs exemption in case of group LLP

(1) An LLP is not entitled to the exemption conferred by section 449 (small LLPs) in respect of a financial year during any part of which it was a group LLP unless —
(a) the group —
(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 (2) applies.
(2) An LLP is not excluded by subsection (1) if, throughout the whole of the period or periods during the financial year when it was a group LLP, it was both a subsidiary undertaking and dormant.
(3) In this section —
(a) "group LLP" means an LLP that is a parent LLP or a subsidiary undertaking, and
(b) the group", in relation to a group LLP, means that LLP 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.
(4) For the purposes of this section —
(a) whether a group qualifies as small shall be determined in accordance with section 370 (LLPs qualifying as small: parent LLPs), and
(b) "ineligible group" has the meaning given by section 371(2) (LLPs excluded from the small LLPs regime)
(5) The provisions mentioned in subsection (4) apply for the purposes of this section as if all the bodies corporate in the group were LLPs.