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Finance (No. 2) Act 2023

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Changes over time for: Cross Heading: Minority owned members

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Minority owned membersU.K.

228Minority owned membersU.K.

(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.

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