{
  "url": "https://openlegislation.uk/finance-no-2-act-2023/section-229E",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2023/section-229E.json",
  "legislation": "ukpga/2023/30",
  "legislation_title": "Finance (No. 2) Act 2023",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-2023",
  "path": "section/229E",
  "kind": "section",
  "number": "229E",
  "heading": "Allocation to qualifying members",
  "text": "(1) Take the following steps to determine how much of an untaxed amount is to be allocated to each qualifying member located in the United Kingdom—\nStep 1\nDetermine the number of employees of the member in the accounting period (“the relevant period”) to which the untaxed amount relates.\nStep 2\nDetermine the total number of employees for the relevant period of qualifying members of the group located in the United Kingdom.\nStep 3\nDivide the result of Step 1 by the result of Step 2.\nStep 4\nDetermine the value of tangible fixed assets of the member for the relevant period.\nStep 5\nDetermine the value of tangible fixed assets for the relevant period of the qualifying members of the group located in the United Kingdom.\nStep 6\nDivide the result of Step 4 by the result of Step 5.\nStep 7\nAdd together the results of Step 3 and Step 6 and divide that sum by 2.\nStep 8\nThe untaxed amount to be allocated to the member is—\n(a)if the nil asset value condition is met, the UK proportion multiplied by the result of Step 3;\n(b)if the nil employee condition is met, the UK proportion multiplied by the result of Step 6;\n(c)in any other case, the UK proportion multiplied by the result of Step 7.\n(2) For the purposes of subsection (1)—\n(a) the “nil asset value condition” is met if—\n(i) the result of Step 5 is nil, but\n(ii) the result of Step 2 is not nil;\n(b) the “nil employee condition” is met if—\n(i) the result of Step 2 is nil, but\n(ii) the result of Step 5 is not nil.\n(3) This section is subject to section 229F.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 3 Ch. 9A inserted (in relation to accounting periods commencing on or after 31.12.2024) by Finance Act 2025 (c. 8), Sch. 4 paras. 5, 10"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/30/section/229E",
    "retrieved_at": "2026-10-29T08:52:11.242356+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}