Finance (No. 2) Act 2023
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Change 1
222 Investment entity effective tax rate
The investment entity effective tax rate in a territory for an accounting period is determined by taking the following steps— Step 1 Determine the adjusted profits made by each of the investment entities in the territory, as determined under Chapter 4 and adjusted under section 223. Step 2 Subtract the sum of the losses of those investment entities that made a loss in that period from the sum of the profits of those investment entities that made a profit in that period. Step 3 If the result of Step 2 is nil or less, the investment entity effective tax rate is to be treated as 15%. Otherwise, proceed to Step 4. Step 4 Determine the covered tax balance of each such investment entity in accordance with Chapter 5. Step 5 Adjust the amounts determined in Step 4 in accordance with section 223 (to the extent applicable). Step 6 Add together the amounts determined in Step 5 that are adjusted positive covered tax balances. Step 7 Add together the amounts determined in Step 5 that are adjusted negative covered tax balances. Step 8 Subtract the result of Step 7 from the result of Step 6. Step 9 Divide the result of Step 8 by the result of Step 2. This is the investment entity effective tax rate.
222 Investment entity effective tax rate
The investment entity effective tax rate in a territory for an accounting period is determined by taking the following steps— Step 1 Determine the adjusted profits made by each of the investment entities in the territory, as determined under Chapter 4 and adjusted under section 223. Step 2 Subtract the sum of the losses of those investment entities that made a loss in that period from the sum of the profits of those investment entities that made a profit in that period. Step 3 If the result of Step 2 is nil or less, the investment entity effective tax rate is to be treated as 15%. Otherwise, proceed to Step 4. Step 4 Determine the covered tax balance of each such investment entity in accordance with Chapter 5. Step 5 Adjust the amounts determined in Step 4 in accordance with section 223 (to the extent applicable). Step 6 Add together the amounts determined in Step 5 that are adjusted positive covered tax balances. Step 7 Add together the amounts determined in Step 5 that are adjusted negative covered tax balances. Step 8 Subtract the result of Step 7 from the result of Step 6. Step 9 Divide the result of Step 8 by the result of Step 2. This is the investment entity effective tax rate.
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