- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
(1)The underlying profits of a member of a multinational group are to be adjusted (if necessary) to secure that—
(a)qualifying refundable tax credits are treated as income, and
(b)other tax credits (refundable or otherwise) are not treated as income.
(2)A refundable tax credit is “qualifying” to the extent that, under the law of the territory in which it is given, it entitles a person to receive (by way of payment or discharge of liability) the amount of the refundable tax credit within 4 years of meeting the conditions for receiving it.
(3)But a refundable tax credit is never qualifying if it is creditable or refundable pursuant to a qualified refundable imputation tax or a disqualified refundable imputation tax (see section 253).
(4)In this Part “refundable tax credit” means a tax credit which—
(a)after any liability to covered taxes has been reduced or discharged by it, or
(b)in the absence of any tax liability to covered taxes,
is payable in cash or cash equivalents (which for these purposes includes by way of discharge against a liability to a tax which is not a covered tax).
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