# Finance (No. 2) Act 2023, Section 228: Minority owned members

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

(1) For the purposes of this Part, a member of a multinational group is a “minority owned member” if—
(a) the ultimate parent holds no more than 30% of the ownership interests in that member, and
(b) the member is not an investment entity.
(2) If—
(a) a minority owned member (“M”) holds (directly or indirectly) ownership interests in another minority owned member, and
(b) no other minority owned member holds (directly or indirectly) ownership interests in M,
M is the minority owned parent of a minority subgroup, and the minority owned members in which M has ownership interests are also members of that group.
(3) For the purpose of determining the effective tax rate and top-up amounts of members of a minority subgroup, this Part applies as if references to standard members of a multinational group were instead to members of that subgroup.
(4) For the purposes of determining the effective tax rate and top-up amounts of a minority owned member that is not a member of a minority subgroup, this Part applies as if references to standard members of a multinational group were instead to that member.
(5) But neither subsection (3) nor (4) applies to the reference to “standard member” in section 199(2A) (election to treat top-up amounts of relevant members as nil).

---
Source: https://www.legislation.gov.uk/ukpga/2023/30/section/228 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/section-228
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.