Finance (No. 2) Act 2023
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Change 1
229D Amount allocated to the United Kingdom
(1) Take the following steps to determine the UK proportion of an untaxed amount of a member of a multinational group— Step 1 Determine the number of employees of qualifying members of the group located in the United Kingdom for the accounting period to which the untaxed amount relates (“the relevant period”). Step 2 Determine the total number of employees in the relevant period of qualifying members of the group located in territories (including the United Kingdom) in which a qualifying undertaxed profits tax applies to the untaxed amount. Step 3 Divide the result of Step 1 by the result of Step 2. Step 4 Determine the value of tangible fixed assets of the qualifying members of the group located in the United Kingdom for the relevant period. Step 5 Determine the value of tangible fixed assets of the qualifying members of the group located in territories (including the United Kingdom) in which a qualifying undertaxed profits tax applies to the untaxed amount. Step 6 Divide the result of Step 4 by the result of Step 5. Step 7 Add together the results of Step 3 and Step 6 and divide that sum by 2. Step 8 The UK proportion of the untaxed amount is— if the nil asset value condition is met, the untaxed amount multiplied by the result of Step 3; if the nil employee condition is met, the untaxed amount multiplied by the result of Step 6; in any other case, the untaxed amount multiplied by the result of Step 7. (2) For the purposes of subsection (1)— (a) the “nil asset value condition” is met if— (i) the result of Step 5 is nil, but (ii) the result of Step 2 is not nil; (b) the “nil employee condition” is met if— (i) the result of Step 2 is nil, but (ii) the result of Step 5 is not nil. (3) A qualifying undertaxed profits tax applies in a territory in relation to an untaxed amount if— (a) a qualifying undertaxed profits tax is in force in that territory for the relevant period, and (b) the provisions of that tax result in a proportion of the untaxed amount (however described for the purposes of that tax) that is greater than nil being allocated to the territory. (4) See sections 229G and 229H for how to determine the number of employees and the value of tangible fixed assets of a qualifying member of a multinational group.
229D Amount allocated to the United Kingdom
(1) Take the following steps to determine the UK proportion of an untaxed amount of a member of a multinational group— Step 1 Determine the number of employees of qualifying members of the group located in the United Kingdom for the accounting period to which the untaxed amount relates (“the relevant period”). Step 2 Determine the total number of employees in the relevant period of qualifying members of the group located in territories (including the United Kingdom) in which a qualifying undertaxed profits tax applies to the untaxed amount. Step 3 Divide the result of Step 1 by the result of Step 2. Step 4 Determine the value of tangible fixed assets of the qualifying members of the group located in the United Kingdom for the relevant period. Step 5 Determine the value of tangible fixed assets of the qualifying members of the group located in territories (including the United Kingdom) in which a qualifying undertaxed profits tax applies to the untaxed amount. Step 6 Divide the result of Step 4 by the result of Step 5. Step 7 Add together the results of Step 3 and Step 6 and divide that sum by 2. Step 8 The UK proportion of the untaxed amount is— if the nil asset value condition is met, the untaxed amount multiplied by the result of Step 3; if the nil employee condition is met, the untaxed amount multiplied by the result of Step 6; in any other case, the untaxed amount multiplied by the result of Step 7. (2) For the purposes of subsection (1)— (a) the “nil asset value condition” is met if— (i) the result of Step 5 is nil, but (ii) the result of Step 2 is not nil; (b) the “nil employee condition” is met if— (i) the result of Step 2 is nil, but (ii) the result of Step 5 is not nil. (3) A qualifying undertaxed profits tax applies in a territory in relation to an untaxed amount if— (a) a qualifying undertaxed profits tax is in force in that territory for the relevant period, and (b) the provisions of that tax result in a proportion of the untaxed amount (however described for the purposes of that tax) that is greater than nil being allocated to the territory. (4) See sections 229G and 229H for how to determine the number of employees and the value of tangible fixed assets of a qualifying member of a multinational group.
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