# Finance (No. 2) Act 2023, Paragraph 8: Election in respect of non-material members


(1) The filing member of a multinational group may for an accounting period make an election under this paragraph in respect of one or more members of the group in a territory.
(2) An election may be made only if for the accounting period in question—
(a) the specified members are non-material members of the group,
(b) the accounting conditions are met, and
(c) any of the following is met—
(i) the routine profits test;
(ii) the de minimis test;
(iii) the effective tax rate test.
(3) Where an election is made, the total top-up amount for the accounting period for the territory is assumed to be nil for the purpose of determining the liability of any member of the group to multinational top-up tax.
(4) Paragraph 2 of Schedule 15 (annual elections) applies to an election under this paragraph.

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Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/16A/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-16A/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.