Paragraph 30 Qualifying undertaxed profits tax

Section 257 (qualifying undertaxed profits tax) is amended as follows.

After subsection (1) insert—

“(1A)

Regulations under subsection (1)(b) may provide for the specification of a tax to be made by notice published by the Commissioners for His Majesty’s Revenue and Customs in accordance with the regulations.”

In subsection (2), for “A tax may only be specified in regulations if the Treasury consider” substitute “A person may only specify a tax by virtue of this section if the person considers”.