Finance (No. 2) Act 2023

2 (1) The filing member of a multinational group is the ultimate parent of that group, unless a nomination under sub-paragraph (2) is in force.

(2) The nomination referred to in sub-paragraph (1) is a nomination by the ultimate parent of the group that another person should act as the filing member.

(3) The ultimate parent may only nominate a person if—

(a) the person is a member of the group, and

(b) the person is a company.

(4) If the ultimate parent nominates a person under sub-paragraph (2), they must—

(a) nominate the same person as the filing member for the purposes of Schedule 18;

(b) if the nomination ceases to be in force, revoke the nomination referred to in paragraph (a);

(c) if the nomination referred to in paragraph (a) ceases to be in force, revoke the nomination.

(5) The ultimate parent must provide the person nominated with everything the person may reasonably require in order to comply with the obligations of a filing member under this Schedule.

(6) While a nomination under sub-paragraph (2) is in force, the filing member of a multinational group is the person nominated.

(7) A nomination is in force from the time it is made until any of the following events occurs—

(a) the ultimate parent nominates another person;

(b) the person nominated ceases to be a member of the group;

(c) the person nominated ceases to be a company;

(d) the ultimate parent revokes the nomination;

(e) an officer of Revenue and Customs revokes the nomination.

(8) An officer of Revenue and Customs may revoke a nomination if the officer considers that—

(a) the ultimate parent is not complying with its obligation under sub-paragraph (5), or

(b) the person nominated is not complying with the obligations of a filing member under this Schedule.

(9) An officer of Revenue and Customs revokes a nomination by notifying the ultimate parent and the nominated person of the revocation.

(10) The revocation has effect when the notification is issued.

(11) Any nomination, or revocation of a nomination, must be in writing.

(12) Paragraph 3 makes provision for circumstances in which the ultimate parent is the filing entity but is not a company.

(13) Paragraph 4 makes specific provision for a multinational group that is part of a multi-parent group.

(14) Paragraph 5 makes provision for the effect of the filing member of a multinational group changing.