# Finance Act 2025, Paragraph 48: Substance based income exclusion: removal of provision for election

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

(1) In section 195 (substance based income exclusion) omit subsections (2) and (3).
(2) Accordingly, in paragraph 2 (annual elections) of Schedule 15 (multinational top-up tax: elections), omit paragraph (e).

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Source: https://www.legislation.gov.uk/ukpga/2025/8/schedule/4/paragraph/48 (the official version)
Page: https://openlegislation.uk/finance-act-2025/schedule-4/paragraph-48
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.