Finance (No. 2) Act 2023
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Change 1
138 Profits adjusted to be before tax
(1) The underlying profits of a member of a multinational group for an accounting period are to be adjusted by adding back any debit, and excluding any credit, for tax expense amounts reflected in ... those profits. (2) In this Part “tax expense amount” means an amount of tax expense (including a deferred tax expense) in respect of— (a) a covered tax (whether or not the income to which the tax relates are excluded from adjusted profits for the purposes of this Part); (b) multinational top-up tax, or any tax equivalent to multinational top-up tax; (c) a qualifying domestic top-up tax (see section 256); (d) a qualifying undertaxed profits tax (see section 257); (e) taxes accrued by an insurance company in respect of returns to policyholders to the extent that section 152(2) applies in relation to those taxes; (f) a disqualified refundable imputation tax (see section 253).
138 Profits adjusted to be before tax
(1) The underlying profits of a member of a multinational group for an accounting period are to be adjusted by adding back any debit, and excluding any credit, for tax expense amounts reflected in ... those profits. (2) In this Part “tax expense amount” means an amount of tax expense (including a deferred tax expense) in respect of— (a) a covered tax (whether or not the income to which the tax relates are excluded from adjusted profits for the purposes of this Part); (b) multinational top-up tax, or any tax equivalent to multinational top-up tax; (c) a qualifying domestic top-up tax (see section 256); (d) a qualifying undertaxed profits tax (see section 257); (e) taxes accrued by an insurance company in respect of returns to policyholders to the extent that section 152(2) applies in relation to those taxes; (f) a disqualified refundable imputation tax (see section 253).
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