Finance (No. 2) Act 2023
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Change 1
198A Power to make provision about treatment of payroll costs and assets
(1) The Treasury may by regulations make provision about the treatment of payroll costs and tangible assets in specified circumstances. (2) Regulations may, in particular, provide that in determining the substance based income exclusion for a territory— (a) specified eligible tangible assets or eligible payroll costs are to be treated as having a different value; (b) specified eligible tangible assets or eligible payroll costs are to be attributed to a different member of a multinational group or to a different territory; (c) specified eligible tangible assets or eligible payroll costs are to be excluded from that determination; (d) specified assets that are not eligible tangible assets are to be treated as eligible tangible assets; (e) specified costs that are not eligible payroll costs are to be treated as eligible payroll costs. (3) In this section “specified” means specified or described in regulations.
198A Power to make provision about treatment of payroll costs and assets
(1) The Treasury may by regulations make provision about the treatment of payroll costs and tangible assets in specified circumstances. (2) Regulations may, in particular, provide that in determining the substance based income exclusion for a territory— (a) specified eligible tangible assets or eligible payroll costs are to be treated as having a different value; (b) specified eligible tangible assets or eligible payroll costs are to be attributed to a different member of a multinational group or to a different territory; (c) specified eligible tangible assets or eligible payroll costs are to be excluded from that determination; (d) specified assets that are not eligible tangible assets are to be treated as eligible tangible assets; (e) specified costs that are not eligible payroll costs are to be treated as eligible payroll costs. (3) In this section “specified” means specified or described in regulations.
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