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—
the group—
qualifies as a small group in relation to that financial year, and
was not at any time in that year an ineligible group, or
subsection (3) applies.
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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.
For the purposes of this section—
whether a group qualifies as small shall be determined in accordance with section 383 (companies qualifying as small: parent companies);
"ineligible group" has the meaning given by section 384(2) and (3);
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The provisions mentioned in subsection (5) apply for the purposes of this section as if all the bodies corporate in the group were companies.