Schedules

Schedule 14Administration of multinational top-up tax

Part 1Overview

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).