Finance (No. 2) Act 2023
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Change 1
257 Qualifying undertaxed profits tax
(1) For the purposes of this Part a tax is a “qualifying undertaxed profits tax” if it is — (a) multinational top-up tax (see, in particular, Chapter 9A), or (b) specified in regulations made by the Treasury. (1A) Regulations under subsection (1)(b) may provide for the specification of a tax to be made by notice published by the Commissioners for His Majesty’s Revenue and Customs in accordance with the regulations. (2) A person may only specify a tax by virtue of this section if the person considers that the tax is an appropriate means of implementing the UTPR (within the meaning of the Pillar Two rules). (3) Regulations under this section may provide that the specification of a tax is to have effect from a time before the regulations are made (but may not provide that the specification of a tax previously specified ceases to have effect before the regulations are made).
257 Qualifying undertaxed profits tax
(1) For the purposes of this Part a tax is a “qualifying undertaxed profits tax” if it is — (a) multinational top-up tax (see, in particular, Chapter 9A), or (b) specified in regulations made by the Treasury. (1A) Regulations under subsection (1)(b) may provide for the specification of a tax to be made by notice published by the Commissioners for His Majesty’s Revenue and Customs in accordance with the regulations. (2) A person may only specify a tax by virtue of this section if the person considers that the tax is an appropriate means of implementing the UTPR (within the meaning of the Pillar Two rules). (3) Regulations under this section may provide that the specification of a tax is to have effect from a time before the regulations are made (but may not provide that the specification of a tax previously specified ceases to have effect before the regulations are made).
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