Finance (No. 2) Act 2023
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
199 Election to treat certain top-up amounts as nil
(1) The filing member of a multinational group may elect that the top-up amounts of the relevant members for an accounting period (“the current period”) for a territory are to be treated as nil. (2) An election under this section may be made only if— (a) the average revenue for an accounting period of the relevant members of the group in that territory is less than 10 million euros, and (b) the average of the adjusted profits of those members for an accounting period is less than 1 million euros. (2A) In this section, a member of a multinational group is a “relevant” member if it is— (a) a standard member of the group, or (b) a minority owned member of the group. (3) The average revenue for an accounting period of the relevant members of a multinational group in a territory is determined by adding together all of the revenue of those members in each qualifying accounting period, and dividing the result by the number of qualifying accounting periods. (4) The average of the sum of the adjusted profits of the relevant members of a multinational group in a territory is determined by taking the following steps— Step 1 Determine the sum of the adjusted profits of each of those members for each qualifying accounting period. Step 2 Add together the results of Step 1. Step 3 Divide the result of Step 2 by the number of qualifying accounting periods. (5) The current period is a qualifying accounting period. (6) Each of the previous two accounting periods is a qualifying period unless— (a) none of the relevant members of the group in the territory had revenue in that period, and (b) none of the relevant members of the group in the territory made a loss in that period. (7) Where a qualifying period is longer or shorter than a year, the adjusted profits and revenue of the members are to be treated for the purposes of this section as the amounts given by multiplying the profits and revenue by the amount given by dividing 365 by the number of days in the period. (8) An election under this section may not be made in respect of the nominal territory of a stateless member of a multinational group. (9) Paragraph 2 of Schedule 15 (annual elections) applies to an election under this section.
199 Election to treat certain top-up amounts as nil
(1) The filing member of a multinational group may elect that the top-up amounts of the relevant members for an accounting period (“the current period”) for a territory are to be treated as nil. (2) An election under this section may be made only if— (a) the average revenue for an accounting period of the relevant members of the group in that territory is less than 10 million euros, and (b) the average of the adjusted profits of those members for an accounting period is less than 1 million euros. (2A) In this section, a member of a multinational group is a “relevant” member if it is— (a) a standard member of the group, or (b) a minority owned member of the group. (3) The average revenue for an accounting period of the relevant members of a multinational group in a territory is determined by adding together all of the revenue of those members in each qualifying accounting period, and dividing the result by the number of qualifying accounting periods. (4) The average of the sum of the adjusted profits of the relevant members of a multinational group in a territory is determined by taking the following steps— Step 1 Determine the sum of the adjusted profits of each of those members for each qualifying accounting period. Step 2 Add together the results of Step 1. Step 3 Divide the result of Step 2 by the number of qualifying accounting periods. (5) The current period is a qualifying accounting period. (6) Each of the previous two accounting periods is a qualifying period unless— (a) none of the relevant members of the group in the territory had revenue in that period, and (b) none of the relevant members of the group in the territory made a loss in that period. (7) Where a qualifying period is longer or shorter than a year, the adjusted profits and revenue of the members are to be treated for the purposes of this section as the amounts given by multiplying the profits and revenue by the amount given by dividing 365 by the number of days in the period. (8) An election under this section may not be made in respect of the nominal territory of a stateless member of a multinational group. (9) Paragraph 2 of Schedule 15 (annual elections) applies to an election under this section.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.