238Tax transparency of entitiesU.K.
An entity is regarded as tax transparent in a territory [F1to the extent that] the territory treats the income, expenditure, profits [F2or] losses of the entity, for the purposes of covered taxes, as the income, expenditure, profits [F2or] losses of the direct owner of the entity in proportion to its interest in the entity.
Textual Amendments
F1Words in s. 238 substituted (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. 14(10)(a)
F2Word in s. 238 substituted (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. 14(10)(b)