Paragraph 31 Existing deferred tax assets and liabilities arising under blended CFC regimes

In section 185 (inclusion of existing deferred tax assets and liabilities on entry into regime), after subsection (7) insert—

“(8)

Subsection (9) applies to a deferred tax asset or deferred tax liability of a member of a qualifying multinational group that arises under a blended CFC regime.

(9)

A deferred tax asset or deferred tax liability to which this subsection applies is to be ignored in determining the member’s deferred tax expense.”