Paragraph 38 Additional top-up amounts

United Kingdom

(1)

Section 206 (additional top-up amounts where recalculations required) is amended as follows.

(2)

In subsection (1)—

(a)

in the words before paragraph (a), after “members” insert “(“the current members”)”, and

(b)

in paragraph (b), before “members” insert “current”.

(3)

In subsection (2)—

(a)

in paragraph (a), for “those members would have for a prior period” substitute “the standard members of the group in the territory in a prior period would have for that period”, and

(b)

in the words after paragraph (b), before “members” insert “current”.

(4)

In subsection (3)—

(a)

in Step 1, for “those members would have had for the prior period” substitute “the standard members of the group in the territory for the prior period would have had for that period”,

(b)

in Step 3, after “nil” insert “(and if there are no such results, the result of this step is nil)”, and

(c)

in Step 4—

(i)

before “members” insert “current”, and

(ii)

for “Step 2” substitute “Step 3”.

(5)

In subsection (4)—

(a)

for “those members” substitute “the current members”, and

(b)

for “in accordance with subsections (5) to (8)” substitute “as follows”.

(6)

In subsection (5)—

(a)

in paragraph (a)—

(i)

for “standard” substitute “current”, and

(ii)

before “period” insert “current”,

(b)

in paragraph (b), for “members for the members’ territory” substitute “current members”, and

(c)

in paragraph (c), for “reduction by relevant QDT credit” substitute “any reduction”.

(7)

In subsection (6)—

(a)

in paragraph (a)—

(i)

for “standard” substitute “current”, and

(ii)

before “period” insert “current”,

(b)

in paragraph (b), for “standard members in the territory” substitute “current members”, and

(c)

in paragraph (c), for “reduction by relevant QDT credit” substitute “any reduction”.

(8)

In subsection (7)—

(a)

in paragraph (a)—

(i)

for “standard” substitute “current”,

(ii)

before “period”, in the first place it occurs, insert “current”, and

(iii)

for “members for the members’ territory” substitute “the current members”, and

(b)

in paragraph (b)—

(i)

for “reduction by relevant QDT credit” substitute “any reduction”, and

(ii)

for “members for the member’s territory” substitute “current members”.

(9)

In subsection (8)—

(a)

in paragraph (a)—

(i)

for “standard” substitute “current”, and

(ii)

for “members for the members’ territory” substitute “the current members”,

(b)

in paragraph (b)—

(i)

for “reduction by relevant QDT credit” substitute “any reduction”, and

(ii)

for “members for the member’s territory” substitute “current members”, and

(c)

in the words after paragraph (b) for the words from “amount”, in the second place it occurs, to the end substitute “relevant amount.”

(10)

After subsection (8) insert—

“(9)

The relevant amount is the amount given by multiplying—

(a)

the sum of the amounts of qualifying domestic top-up tax accrued by the current members in the current period, by

(b)

the amount given by dividing—

(i)

the collective additional amount under this section, by

(ii)

the sum of that collective additional amount, any collective additional amount under section 203 and the total top-up amount for the current period.”