273 Determining top-up amounts of entity that is not a member of a group
Finance (No 2) Act 2023 (2023 c 30) | Legislation

273  Determining top-up amounts of entity that is not a member of a group

(1)     Chapters 3 to 6, 8 and 9 of Part 3 apply for the purposes (“domestic entity purposes”) of determining whether a qualifying entity that is not a member of a group has top-up amounts or additional top-up amounts, and the extent of those amounts, as they apply for the purpose of determining the same for the purposes of multinational top-up tax.

(2)     Chapter 3 of that Part has effect for domestic entity purposes as if for section 132 there were substituted—

“132 Effective tax rate

The effective tax rate of a qualifying entity that is not a member of a group is determined as follows—

Step 1
Determine, in accordance with Chapter 4 of Part 3, the adjusted profits for that period of that member.

Step 2
If, on determining those adjusted profits, the member

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