Finance (No. 2) Act 2023
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Change 1
176A Meaning of “non-marketable transferable tax credits”
(1) Sections 176B and 176C make provision about “non-marketable transferable tax credits”. (2) A tax credit held by a member of a multinational group that is the originator of the credit is a non-marketable transferable tax credit if— (a) it may be transferred to another person or entity, and (b) it is neither a marketable transferable tax credit nor a qualifying refundable tax credit. (3) A tax credit held by a member of a multinational group as a purchaser of the credit is a non-marketable transferable tax credit if it is neither a marketable transferable tax credit nor a qualifying refundable tax credit. (4) In this section and in sections 176B and 176C “originator” and “purchaser” are to be construed in accordance with section 148A(1)(a).
176A Meaning of “non-marketable transferable tax credits”
(1) Sections 176B and 176C make provision about “non-marketable transferable tax credits”. (2) A tax credit held by a member of a multinational group that is the originator of the credit is a non-marketable transferable tax credit if— (a) it may be transferred to another person or entity, and (b) it is neither a marketable transferable tax credit nor a qualifying refundable tax credit. (3) A tax credit held by a member of a multinational group as a purchaser of the credit is a non-marketable transferable tax credit if it is neither a marketable transferable tax credit nor a qualifying refundable tax credit. (4) In this section and in sections 176B and 176C “originator” and “purchaser” are to be construed in accordance with section 148A(1)(a).
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