Paragraph 2A Transitional extension to deadline for electionsF1

(1)

Schedule 15 (multinational top-up tax: elections) has effect in its application to a pre-2026 election as if in paragraphs 1(2)(b) and 2(2)(b) of that Schedule for “no later than” there were substituted “before the end of the period of 12 months beginning with the day after”.

(2)

In sub-paragraph (1), a “pre-2026 election” means an election which specifies an accounting period ending before 31 December 2025 as—

(a)

in the case of an election to which paragraph 1 of Schedule 15 applies, the first accounting period for which the election is to have effect, or

(b)

in the case of an election to which paragraph 2 of Schedule 15 applies, the accounting period for which the election is to have effect.

Annotations

Textual amendments

F1: Sch. 16 para. 2A and cross-heading inserted (in relation to accounting periods beginning on or after 31.12.2023) by Finance Act 2026 (c. 11), Sch. 8 paras. 51, 53(4)