Finance (No. 2) Act 2023
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Change 1
229A Meaning of potentially undertaxed
(1) The top-up amount and additional top-up amounts of a member (“M”) of a multinational group for an accounting period are “potentially undertaxed” if— (a) M is the ultimate parent or is located in the same territory as the ultimate parent, or (b) the ultimate parent is not a responsible member. (2) Subsection (1) does not apply if— (a) the ultimate parent is not a responsible member, (b) none of the ownership interests of the ultimate parent in M are direct ownership interests, and (c) every indirect ownership interest the ultimate parent has in M is derived from an ownership interest the ultimate parent has in a responsible member. (3) Subsection (1) also does not apply if— (a) the ultimate parent is located in a territory in which a DIIR is in force and is a responsible member, and (b) M is located in the same territory as the ultimate parent. (4) This section and section 229B do not apply to members of a joint venture group (but see section 229I for alternative provision).
229A Meaning of potentially undertaxed
(1) The top-up amount and additional top-up amounts of a member (“M”) of a multinational group for an accounting period are “potentially undertaxed” if— (a) M is the ultimate parent or is located in the same territory as the ultimate parent, or (b) the ultimate parent is not a responsible member. (2) Subsection (1) does not apply if— (a) the ultimate parent is not a responsible member, (b) none of the ownership interests of the ultimate parent in M are direct ownership interests, and (c) every indirect ownership interest the ultimate parent has in M is derived from an ownership interest the ultimate parent has in a responsible member. (3) Subsection (1) also does not apply if— (a) the ultimate parent is located in a territory in which a DIIR is in force and is a responsible member, and (b) M is located in the same territory as the ultimate parent. (4) This section and section 229B do not apply to members of a joint venture group (but see section 229I for alternative provision).
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