[F1Part 3U.K.Transitional reporting election
Textual Amendments
F1Sch. 16 Pt. 3 inserted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 40(1)
Transitional reporting electionU.K.
13(1)HMRC may publish a notice that provides for alternative requirements for the information that must be contained in an information return in respect of members of a multinational group to which an election under sub-paragraph (3) applies.
(2)Where—
(a)HMRC have published a notice under paragraph (1) containing alternative requirements, and
(b)an election under sub-paragraph (3) applies to members of a multinational group for an accounting period,
paragraph 10 of Schedule 14 applies to the filing member of the group for that period subject to the notice.
(3)An election under this sub-paragraph—
(a)is to be made in respect of all of the members of a multinational group in a territory,
(b)is to be made by the filing member of the group,
(c)may only have effect in relation to an accounting period that begins on or before 31 December 2028 and ends before 1 July 2030, and
(d)may only be made if condition A, B or C is met.
(4)Condition A is that none of the members in the territory have top-up amounts or additional top-up amounts for the accounting period to which the election is to apply.
(5)Condition B is that—
(a)there is only one responsible member responsible for all of the members in the territory for the accounting period to which the election is to apply, and
(b)the sum of amounts attributed under Chapter 7 of Part 3 to that responsible member for that period in respect of those members’ top-up amounts and additional top-up amounts is equal to the sum of the members’ top-up amount and additional top-up amounts.
(6)Condition C is that—
(a)there is more than one responsible member responsible for the members of the group in the territory for the accounting period to which the election is to apply, and
(b)each responsible member is responsible for every member of the group in the territory and has the same inclusion ratio for each member it is responsible for.
(7)Paragraph 2 of Schedule 15 (annual elections) applies to an election under this paragraph.]