Paragraph 42 Domestic top-up tax

Section 270 (amount charged) is amended as follows.

Before subsection (1) insert—

“(A1)

Where a person is chargeable to domestic top-up tax for an accounting period as, or in respect of, a qualifying entity which is a member of a group, the amount (if any) the person must pay is determined as follows—

• Step 1

  Determine (in accordance with section 272)—

  1. (a)

     whether the entity has a top-up amount for that period, and

  2. (b)

     the extent of any such amount.

• Step 2

  If the result of Step 1 is not expressed in sterling, convert the result of that Step to sterling.”

In subsection (1)—