163 Election to spread certain capital gains over five years
Finance (No 2) Act 2023 (2023 c 30) | Legislation

163  Election to spread certain capital gains over five years

(1)     The filing member of a multinational group may elect that the net gain in respect of the disposal of local tangible assets by standard members of the group in a territory in an accounting period (“the election period”) is to be spread across that period and the preceding 4 accounting periods ([and those preceding periods are referred to collectively as] “the look-back period”) in accordance with subsection (2).

(2)     To spread the net gain across those periods take the following steps—

[Step 1
For each standard member of the group in the territory in the first accounting period of the look-back period (“the carry-back period”), determine whether it has net losses in respect of the disposal of local tangible assets (ignoring any losses in relation to which these steps have previously been carried out).]

Step 2
Allocate the proportion of the net gain in the election period to each standard member with such losses in the carry-back period that is equal to the proportion those losses represent of the total losses in respect of the disposal of local tangible assets of all such members of the group in the carry-back

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