Finance (No. 2) Act 2023 (c. 30)

Schedules

Schedule 16 U.K. Multinational top-up tax: transitional provision

Part 2 U.K. Transitional safe harbour

Chapter 2 U.K. Application to joint ventures etc

Application in the case of joint venture group U.K.

10 For the purpose of applying Chapter 1 of this Part of this Schedule to a joint venture group (see section 226 which applies this Schedule generally, with modifications, to joint venture groups)—

(a) paragraph 3(2)(c) were omitted (requirement for qualifying country-by-country report),

(b) the reference in paragraph 4(2) to “the financial accounts of that member that are used for preparation of the group’s country-by-country report” were to the financial accounts that would be used if a qualifying country-by-country report had been prepared in respect of the joint venture group, and

(c) in paragraph 9(2), the words from “ignoring” to the end were omitted.

Application to investment entities in same territory as owners U.K.

11 (1) Subsection (2) applies where—

(a) an investment entity that is a member of a multinational group, and

(b) all of the members of a multinational group with direct ownership interests in it,

are located in the same territory.

(2) The investment entity is to be treated as a standard member of that group for the purposes of this Part of this Schedule.

Minority owned members U.K.

12 For the purposes of this Part of this Schedule, references to the standard members of a multinational group include minority owned members.