(1)An amount of tax payable by a member of a multinational group is “disqualified refundable imputation tax” if—
(a)it is—
(i)in respect of a dividend made by the member and is refundable to the beneficial owner of the dividend,
(ii)creditable by the beneficial owner of such a dividend against a tax liability other than a tax liability in respect of that dividend, or
(iii)refundable to an entity upon the distribution of a dividend, and
(b)it is not qualified refundable imputation tax.
(2)An amount of tax payable by a member of a multinational group is “qualified refundable imputation tax” to the extent—
(a)it is refundable or creditable to the beneficial owner of a dividend distributed by—
(i)the member, or
(ii)where the member is a permanent establishment, the main entity, and
(b)the refund is payable, or the credit is provided—
(i)under a foreign tax credit regime by a territory other than the territory that imposed the tax on the member,
(ii)to a beneficial owner of the dividend subject to tax in the territory imposing the tax payable by the member, provided the nominal rate of that tax that is at least 15%,
(iii)to a beneficial owner of the dividend who is an individual who is tax resident in that territory and who is subject to tax on the dividends as ordinary income,
(iv)to a governmental entity or an international organisation,
(v)to a resident non-profit organisation, a resident pension fund or a resident investment entity that is not a member of a multinational group, or
(vi)to a resident life insurance company to the extent the dividends are received in connection with a pension fund business and subject to tax in a similar manner as a dividend received by a pension fund.
(3)For the purposes of sub-paragraphs (v) and (vi) of subsection (2)(b), an entity is a resident entity if it is resident in the territory that imposed the tax, and for those purposes—
(a)a non-profit organisation or pension fund is resident in a territory if it is created and managed in that territory;
(b)an investment entity is resident in a territory if it is created and regulated in that territory;
(c)a life insurance company is resident in a territory if it is located there (see section 239).