# Finance Act 2025, Paragraph 32: Substance based income exclusion: permanent establishments and flow-through entities

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

In section 195 (substance based income exclusion), for subsection (8) substitute—
“(8) Section 198 supplements the rules in sections 196 and 197 in relation to a member that is a permanent establishment.
(9) Section 198ZA supplements the rules in sections 196 and 197 in relation to a member that is a flow-through entity.”

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Source: https://www.legislation.gov.uk/ukpga/2025/8/schedule/4/paragraph/32 (the official version)
Page: https://openlegislation.uk/finance-act-2025/schedule-4/paragraph-32
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.