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Finance (No. 2) Act 2023

Changes over time for: Section 195

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195Substance based income exclusionU.K.

(1)The substance based income exclusion for a period for a territory is calculated by taking the following steps—

  • Step 1

    Determine the payroll carve-out amount for that period for each standard member of the group in that territory.

  • Step 2

    Determine the tangible asset carve-out amount for that period for each standard member of the group in that territory.

  • Step 3

    Add together the amounts determined at steps 1 and 2.

(2)But if the filing member for the group elects not to calculate the substance based income exclusion for the period, the exclusion is nil.

(3)Paragraph 2 of Schedule 15 (annual elections) applies to an election under subsection (2).

(4)The payroll carve-out amount for a member is 5% of the eligible payroll costs incurred by the member in the period.

(5)The tangible asset carve-out amount for a member is 5% of the eligible tangible asset amount of the member in the period.

(6)Section 196 sets out how to calculate the eligible payroll costs of a member.

(7)Section 197 sets out how to calculate the eligible tangible asset amount of a member.

(8)Section 198 sets out special rules on calculating the eligible payroll costs and eligible tangible asset amount of a member that is a permanent establishment or a flow-through entity.

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