Paragraph 3 Qualifying non-profit subsidiaries

for paragraph (b) substitute—

“(b)

the revenue (see section 129(5)) of the multinational group of which the entity is a member, excluding the revenues of each member that is a non-profit organisation, a qualifying service entity or a qualifying exempt income entity—

(i)

would not exceed the threshold set out in section 129(4), and

(ii)

is less than 25% of the total revenue of the group, and”, and

omit paragraph (c) (and the “and” after it).