# Finance (No. 2) Act 2023, Paragraph 12: De minimis test


(1) For the purposes of paragraph 8(2)(c), “the de minimis test” is met for an accounting period if, on the assumption in sub-paragraph (2), an election under section 199 (de minimis exclusion) could be made for the period for the relevant territory.
(2) The assumption is that for the period in question—
(a) the revenue of each specified member, and
(b) the adjusted profits of each specified member,
is or are equal to the revenue of that member as it would be determined under the country-by-country reporting rules.

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Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/16A/paragraph/12 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-16A/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.