(1)An entity is a DTT excluded entity if—
(a)it falls within subsection (3) of section 127 in Part 3 (excluded entities),
(b)it is a member of a multinational group and falls within subsection (4) of that section, or
(c)it is a member of a group that is not a multinational group, but would fall within that subsection if that group were a multinational group.
(2)A DTT excluded entity falling within subsection (1) (as well as not being a qualifying entity) is, for the purposes of the provisions of this Part other than section 266 and this section, to be treated as not being a member of any group.
(3)A qualifying transformer vehicle that is not a member of a multinational group is also a DTT excluded entity.
(4)In this section “qualifying transformer vehicle” means—
(a)a qualifying transformer vehicle within the meaning of the Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), or
(b)a part of a protected cell company that is a qualifying transformer vehicle within the meaning of those Regulations.