Paragraph 45 De minimis rule

United Kingdom

(1)

In section 199 (election to treat total top-up amount as nil)—

(a)

in subsection (1)—

(i)

for “total top-up amount” substitute “top-up amounts of the relevant members”, and

(ii)

for “is” substitute “are”;

(b)

in subsections (2)(a), (3), (4), (6)(a) and (6)(b), for “standard” substitute “relevant”;

(c)

after subsection (2) insert—

“(2A)

In this section, a member of a multinational group is a “relevant” member if it is—

(a)

a standard member of the group, or

(b)

a minority owned member of the group.”;

(d)

in the heading, for “total top-up amount” substitute “certain top-up amounts”.

(2)

In section 228 (minority owned members), after subsection (4) insert—

“(5)

But neither subsection (3) nor (4) applies to the reference to “standard member” in section 199(2A) (election to treat top-up amounts of relevant members as nil).”