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Finance (No. 2) Act 2023

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Changes over time for: Section 220

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220Top-up amount of investment entityU.K.

(1)The top-up amount for an accounting period of a member of a multinational group that is an investment entity is, subject to subsection (2), determined by taking the following steps—

  • Step 1

    Determine the adjusted profits (if any) of the entity for the period in accordance with Chapter 4. If the adjusted profits are nil or less, the top-up amount is nil. Otherwise, proceed to Step 2.

  • Step 2

    Adjust the result of Step 1 in accordance with section 223 (to the extent applicable). If the adjusted result is nil, the top-up amount is nil. Otherwise, proceed to Step 3.

  • Step 3

    Determine the substance-based income exclusion for the entity for the period (see section 221).

  • Step 4

    Adjust the result of Step 3 in accordance with section 223 (to the extent applicable).

  • Step 5

    Subtract the result of Step 4 from the result of Step 2. If the result is nil or less, the top-up amount is nil. Otherwise, proceed to Step 6.

  • Step 6

    Determine the investment entity effective tax rate for the territory for the period (see section 222).

  • Step 7

    Subtract the result of Step 6 from 15%. If the result is nil or less, the top-up amount is nil. Otherwise, proceed to Step 8.

  • Step 8

    Multiply the result of Step 7 by the result of Step 5. This is the top-up amount for the entity.

(2)If an election under section 214 (taxable distribution method election) has been made in relation to the entity, the top-up amount for an accounting period of the entity is the top-up amount determined under subsection (1) added together with any positive undistributed income amount for the entity for the period (see section 215).

(3)For the purposes of applying Chapter 4 in relation to an investment entity, the references in section 33(2) to “standard members” of a multinational group are instead to members of the multinational group that are investment entities.

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