- Latest available (Revised)
- Point in Time (11/07/2023)
- Original (As enacted)
Point in time view as at 11/07/2023.
There are currently no known outstanding effects for the Finance (No. 2) Act 2023, Section 288.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)For the purposes of section 280(2) (meaning of qualifying period), the reference to an accounting period of a generating undertaking that is a group means an accounting period of its lead member.
(2)Take the following steps in order to identify the lead member of the group (stopping at the first step under which a member of the group is identified as the lead member)—
Step 1
If there is a member of the group that—
is within the charge to corporation tax, and
is nominated for the purposes of this section,
that member is the lead member of the group.
Step 2
If the principal member of the group is within the charge to corporation tax, it is the lead member of the group.
Step 3
If—
there is a member of the group that—
is within the charge to corporation tax, and
has no 75% parent within the charge to corporation tax, and
there is no other member of the group falling within paragraph (a),
that member is the lead member of the group.
Step 4
If there is more than one member falling within paragraph (a) of Step 3, the lead member is the member falling within that paragraph to which the greatest amount of generation would be attributed under section 282(1) in the period of 12 months ending with the later of 31 December 2022 and the beginning of the first qualifying period in which the group is a qualifying generating undertaking if—
each such member were a generating undertaking, and
that period of 12 months were a qualifying period.
Step 5
If none of the preceding steps identifies a lead member, the principal member of the group (who will not be within the charge to corporation tax) is the lead member of the group.
(3)For the purposes of subsection (2), a company (“P”) is a 75% parent of another company if that other company is a 75% subsidiary—
(a)of P,
(b)of a 75% subsidiary of P, or
(c)of a 75% subsidiary of a 75% subsidiary of P, and so on.
(4)A nomination of a member of a group as the lead member of the group—
(a)is to be made by the member of the group that, ignoring Step 1 in subsection (2), would be the lead member of the group (“the nominating member”),
(b)must be made by notice to HMRC,
(c)must specify when it takes effect, which must be no earlier than the commencement of the qualifying period in which it is made, and
(d)has effect until—
(i)a further nomination takes effect,
(ii)it is revoked, or
(iii)the nominated member leaves the group.
(5)The revocation of a nomination of a member of a group as the lead member—
(a)is to be made by the member of the group that, ignoring Step 1 in subsection (2), would be the lead member of the group,
(b)must be made by notice to HMRC, and
(c)must specify when it takes effect, which must be no earlier than the commencement of the qualifying period in which it is made.
(6)Where a company becomes lead member of a group during a qualifying period, and that period is not the same as an accounting period of the new lead member—
(a)the qualifying period ends, and
(b)a qualifying period commences that ends with the end of the current accounting period of the new lead member.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: