Finance (No. 2) Act 2023
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Change 1
167 Underlying profits of hybrids
(1) This section applies where a member of a multinational group (“M”)— (a) is not regarded as tax transparent in the territory in which it is located, and (b) is regarded as tax transparent in a territory in which a member of the group with an ownership interest in it (“G”) is located. (2) Where— (a) the adjusted profits of G reflect profits of M, and (b) the basis for the profits of M being so reflected is that M (along with any other entities through which G holds that interest) is regarded as tax transparent in the territory in which G is located, such profits as are reflected on that basis are to be allocated to M (and included in the adjusted profits of M to the extent not already included) and excluded from the adjusted profits of G.
167 Underlying profits of hybrids
(1) This section applies where a member of a multinational group (“M”)— (a) is not regarded as tax transparent in the territory in which it is located, and (b) is regarded as tax transparent in a territory in which a member of the group with an ownership interest in it (“G”) is located. (2) Where— (a) the adjusted profits of G reflect profits of M, and (b) the basis for the profits of M being so reflected is that M (along with any other entities through which G holds that interest) is regarded as tax transparent in the territory in which G is located, such profits as are reflected on that basis are to be allocated to M (and included in the adjusted profits of M to the extent not already included) and excluded from the adjusted profits of G.
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