Paragraph 4 Charge to multinational top-up tax to include UTPR

United Kingdom

(1)

For section 123 substitute—

“Charge to multinational top-up tax

123

(1)

A person chargeable to tax as, or in respect of, a member of a multinational group (“the relevant member”) is charged multinational top-up tax for an accounting period if one or more members of the group have top-up amounts or additional top-up amounts for that period and—

(a)

the relevant member is a responsible member for one or more of those members (see section 128), or

(b)

one or more of those members have untaxed amounts that are allocated to the relevant member (see Chapter 9A).

(2)

The amount charged is the sum of the following—

(a)

where subsection (1)(a) applies—

(i)

top-up amounts attributed to the relevant member in accordance with Chapter 7, and

(ii)

additional top-up amounts attributed to the relevant member in accordance with that Chapter, and

(b)

where subsection (1)(b) applies, the untaxed amounts allocated to the relevant member in accordance with Chapter 9A.

(3)

The amount charged (which in accordance with section 254 will be expressed in the CFS currency) is to be converted to sterling using the average exchange rate for the accounting period (if the CFS currency is not sterling).”

(2)

In section 124 (how to calculate top-up amounts etc)—

(a)

in the heading, for “and attribute them” substitute “etc”, and

(b)

after subsection (8) insert—

“(8A)

Chapter 9A makes provision for—

(a)

determining whether members of the group have untaxed amounts, and

(b)

allocating those untaxed amounts to members of the group located in the United Kingdom, other than members that are investment entities or joint venture group members.”

(3)

In section 254 (use of currency), in subsection (4), for “step 4 in” substitute “subsection (3) of”.