Paragraph 53 Commencement

United Kingdom

(1)

The amendments made by paragraphs 4 and 5 (elective qualifying domestic top-up taxes) and paragraphs 28 to 31 (qualifying undertaxed profits tax) have effect in relation to accounting periods beginning on or after 31 December 2025.

(2)

The amendments made by paragraphs 20 to 22 (deferred tax assets and liabilities: exclusions) have effect in relation to accounting periods ending on or after 21 July 2025.

(3)

Paragraph 32 (qualifying undertaxed profits tax: periods before regulations come into force) is treated as having come into force on 2 December 2025.

(4)

The amendment made by paragraph 51 has effect in relation to accounting periods beginning on or after 31 December 2023.

(5)

The amendments made by the other provisions of this Schedule have effect in relation to—

(a)

where a retrospection election has been made in relation to a multinational group, a group, or a qualifying entity that is not a member of a group, accounting periods of that multinational group, group or entity beginning on or after 31 December 2023, or

(b)

otherwise, accounting periods beginning on or after 31 December 2025.

(6)

A retrospection election—

(a)

is to be made—

(i)

in the case of a multinational group or group, by the filing member, or

(ii)

in the case of a qualifying entity that is not a member of a group, by that entity,

(b)

must be made on or before the day on which the self-assessment return or below-threshold notification for the first accounting period of the multinational group, group or entity beginning on or after 31 December 2023 is made, and

(c)

may not be revoked.

(7)

But sub-paragraph (8) applies where any member, or former member, of a multinational group or group is, or would be on either or both of the relevant assumptions—

(a)

a person chargeable to domestic top-up tax that has top-up amounts or additional top-up amounts for any accounting period beginning before 31 December 2025 as a result of the person’s membership of the multinational group or group, or

(b)

a qualifying entity that has top-up amounts or additional top-up amounts for any accounting period beginning before 31 December 2025 as a result of the entity’s membership of the multinational group or group in respect of which a person is chargeable to domestic top-up tax.

(8)

Where this sub-paragraph applies, a retrospection election may not be made without the written consent of each such person.

(9)

For the purposes of sub-paragraph (7), “the relevant assumptions” are—

(a)

that the retrospection election had been made, and

(b)

that no election under section 271 of F(No.2)A 2023 had been made.

(10)

Where—

(a)

the filing member of a multinational group is not a responsible member of that multinational group, or

(b)

there is more than one responsible member of that multinational group,

a retrospection election may not be made without the written consent of each responsible member.

(11)

Sub-paragraph (12) applies where—

(a)

the filing member of a multinational group or group has made a retrospection election,

(b)

at the time the election was made it was reasonable for the filing member to consider that the consent of a person was not required,

(c)

that consent was not given,

(d)

the filing member becomes aware that the consent of that person was, or may have been, required, and

(e)

the written consent of that person is given within the period of 60 days beginning with the day on which the condition in paragraph (d) is first met.

(12)

The consent of that person is to be treated as having been given before the election was made.

(13)

References in this paragraph to a “group”, other than in the expression “multinational group”, are to a group for the purposes of Part 4 of F(No.2)A 2023 (domestic top-up tax).