Finance (No. 2) Act 2023

1 (1) The Commissioners for His Majesty’s Revenue and Customs are responsible for the collection and management of multinational top-up tax.

(2) This Schedule—

(a) contains provision to enable HMRC to determine when a person is chargeable to multinational top-up tax for an accounting period;

(b) contains requirements to provide information to HMRC for the purposes of multinational top-up and taxes under the law of other territories that are equivalent to multinational top-up tax;

(c) allows for the assessment of amounts of multinational top-up tax;

(d) sets out associated administrative provisions;

(e) makes consequential and other amendments to other enactments.

(3) This Schedule makes provision about a “filing member” of a multinational group (see Part 2) and contains provision requiring such a member to—

(a) register with HMRC (see Part 3);

(b) submit an information return to HMRC (see Part 4);

(c) submit a self-assessment return to HMRC (see Part 5);

(d) keep and preserve records (see Part 9).

(4) Part 10 of this Schedule makes provision for when and how payment of multinational top-up tax payable is to be made.

(5) This Schedule makes provision for—

(a) penalties (see Part 11);

(b) appeals and claims for repayment of overpaid tax (see Part 12).