- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
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(1)Where a person is chargeable to domestic top-up tax for an accounting period as a qualifying entity or in respect of a qualifying entity, the amount (if any) the person must pay is determined as follows—
Step 1
Determine whether the entity has any top-up amounts or additional top-up amounts for that period and the extent of those amounts.
Step 2
Determine the sum of those amounts.
Step 3
If the result of Step 3 is not expressed in sterling, convert the result of that Step to sterling.
(2)Generally, a qualifying entity will have a top-up amount for an accounting period if it has profits for a period and its effective tax rate (or, where it is a member of a group, that of its group) is less than 15%.
(3)Chapter 3 of this Part makes provision, principally by applying (with modifications) provisions in Part 3, for determining—
(a)the effective tax rate of a qualifying entity by reference—
(i)in the case of an entity that is a member of a group, to the profits of, and the taxes payable by, members of the group that are located in the United Kingdom, or
(ii)in the case of an entity that is not a member of a group, to its profits and to the taxes payable by that entity.
(b)those profits,
(c)which taxes (referred to as “covered taxes”) are to be considered in the determining effective tax rates,
(d)top-up amounts, and
(e)additional top-up amounts.
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