# Finance (No. 2) Act 2023, Paragraph 5: Qualifying income tax expense

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

(1) In this Part of this Schedule, “qualifying income tax expense” means income tax expense adjusted to exclude—
(a) any amount that does not relate to covered taxes, ...
(b) any amount that relates to an uncertain tax position , and
(c) any amount that relates to a deferred tax asset arising as described in section 185(7A) or (7B) or that relates to a relevant pre-entry deferred tax liability.
(2) For the purposes of this Part of this Schedule, any amount of qualifying income tax expense that is in respect of profits of a permanent establishment and that is incurred in the territory of the permanent establishment is to be regarded as the expense of that permanent establishment (rather than of the main entity).

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Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/16/paragraph/5 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-16/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.