Finance (No. 2) Act 2023
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Change 1
195 Substance based income exclusion
(1) The substance based income exclusion for a period for a territory is calculated by taking the following steps— Step 1 Determine the payroll carve-out amount for that period for each standard member of the group in that territory. Step 2 Determine the tangible asset carve-out amount for that period for each standard member of the group in that territory. Step 3 Add together the amounts determined at steps 1 and 2. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) The payroll carve-out amount for a member is 5% of the eligible payroll costs incurred by the member in the period. (5) The tangible asset carve-out amount for a member is 5% of the eligible tangible asset amount of the member in the period. (6) Section 196 sets out how to calculate the eligible payroll costs of a member. (7) Section 197 sets out how to calculate the eligible tangible asset amount of a member. (7A) Section 197A sets out the treatment of operating leases. (8) Section 198 supplements the rules in sections 196 and 197 in relation to a member that is a permanent establishment. (9) Section 198ZA supplements the rules in sections 196 and 197 in relation to a member that is a flow-through entity.
195 Substance based income exclusion
(1) The substance based income exclusion for a period for a territory is calculated by taking the following steps— Step 1 Determine the payroll carve-out amount for that period for each standard member of the group in that territory. Step 2 Determine the tangible asset carve-out amount for that period for each standard member of the group in that territory. Step 3 Add together the amounts determined at steps 1 and 2. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) The payroll carve-out amount for a member is 5% of the eligible payroll costs incurred by the member in the period. (5) The tangible asset carve-out amount for a member is 5% of the eligible tangible asset amount of the member in the period. (6) Section 196 sets out how to calculate the eligible payroll costs of a member. (7) Section 197 sets out how to calculate the eligible tangible asset amount of a member. (7A) Section 197A sets out the treatment of operating leases. (8) Section 198 supplements the rules in sections 196 and 197 in relation to a member that is a permanent establishment. (9) Section 198ZA supplements the rules in sections 196 and 197 in relation to a member that is a flow-through entity.
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