1A

The provision that may be made by regulations under subsection (1) includes provision designed to secure the effective implementation of the Pillar Two rules including—

a

provision to ensure consistency with commentaries or guidance published by the OECD that has effect from a time before the commentary or guidance was published;

b

provision that the Treasury consider necessary to secure the effective operation of multinational top-up tax or domestic top-up tax (see Part 4) where—

i

the provision does not, at the time of making it, reflect the Pillar Two rules, but

ii

it is reasonable for the Treasury to believe that changes will be made to the rules that are consistent with, or are similar to, the provision.

1B

Provision made by regulations under subsection (1) may not have effect—

a

in the case of provision falling within subsection (1A)(a), in relation to accounting periods ending before the commentary or guidance was published, or

b

in the case of any other provision, in relation to accounting periods ending before the regulations are made.

1C

Provision that has effect in relation to accounting periods that begin before the regulations are made may only be made if the Treasury consider that the provision is generally beneficial to—

a

persons affected by the implementation of the Pillar Two rules, or

b

persons affected by the provision.

1D

The reference in subsection (1C) to provision being generally beneficial includes the provision being beneficial by reference to it—

a

simplifying, or reducing the costs of, compliance with—

i

multinational top-up tax or domestic top-up tax, or

ii

taxes imposed under the law of a territory outside the United Kingdom that correspond to multinational top-up tax or domestic top-up tax;

b

generally (but not necessarily in every case) resulting in a reduction or elimination of a liability to—

i

multinational top-up tax or domestic top-up tax, or

ii

taxes imposed under the law of a territory outside the United Kingdom that correspond to multinational top-up tax or domestic top-up tax.