# Finance Act 2024, Paragraph 28: Investment entity tax transparency election

Extent: E+W+S+N.I.

In section 213 (investment entity tax transparency election), after subsection (6) insert—
“(6A) Where, ignoring the election, profits and amounts of qualifying tax expense would be allocated to M in accordance with sections 168 and 178 to 181, those profits and amounts are to be allocated—
(a) first to M, and then
(b) to O in proportion to the direct ownership interests O is treated as having in M.”

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Source: https://www.legislation.gov.uk/ukpga/2024/3/schedule/12/paragraph/28 (the official version)
Page: https://openlegislation.uk/finance-act-2024/schedule-12/paragraph-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.