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Finance (No. 2) Act 2023

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Changes over time for: Section 245

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245Calculating percentage ownership interests: excluded entitiesU.K.

(1)For the purpose of determining, under section 127(6)(a) and (7)(a), the percentage of ownership interests in an entity (“A”) held by qualifying excluded entities—

(a)ignore any indirect ownership interest apart from ownership interests held solely through one or more qualifying service entities or qualifying exempt income entities, and

(b)ignore any direct or indirect ownership interest required to be ignored as described in subsection (2).

(2)Where [F1an individual or] an entity holds an indirect ownership interest in A solely through an entity, or entities, that are qualifying service entities or qualifying exempt income entities, each direct and indirect ownership interest from which it is derived is to be ignored.

Textual Amendments

F1Words in s. 245(2) 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. 56(5)

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