# Finance Act 2024, Paragraph 39: Transitional safe harbour

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

(1) Part 2 of Schedule 16 (transitional safe harbour) is amended as follows.
(2) In paragraph 3, for sub-paragraph (1) substitute—
“(1) The filing member of a multinational group may make a transitional safe harbour election for an accounting period in respect of a territory.
(1A) The effect of the election is that all of the standard members of the group located in the territory are to be treated as not having top-up amounts or additional top-up amounts for the purpose of determining the liability of any member of the group to multinational top-up tax.”
(3) In paragraph 4—
(a) in sub-paragraph (3)—
(i) omit the “and” after paragraph (b), and
(ii) after paragraph (c) insert
“, and
(d) qualified substance based income amount (see paragraph 9(2)).”, and
(b) in sub-paragraph (5), in the words before paragraph (a), for “(c)” substitute “(d)”.
(4) In paragraph 6(6), for “if” substitute “unless”.

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Source: https://www.legislation.gov.uk/ukpga/2024/3/schedule/12/paragraph/39 (the official version)
Page: https://openlegislation.uk/finance-act-2024/schedule-12/paragraph-39
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.