# Finance Act 2024, Paragraph 3: Qualifying non-profit subsidiaries

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

In section 127 (excluded entities), in subsection (5)—
(a) 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
(b) omit paragraph (c) (and the “and” after it).

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