There are currently no known outstanding effects for the Finance (No. 2) Act 2023, Section 252.
(1)A sovereign wealth fund that would, ignoring this subsection, be the ultimate parent of a multinational group is not to be regarded as the ultimate parent of that group and is to be ignored for the purposes of this Part.
(2)Accordingly, an entity (“A”) in which such a sovereign wealth fund has a controlling interest as a result of direct ownership interests is to be regarded as the ultimate parent of a consolidated group consisting of—
(a)itself, and
(b)the entities that A has a controlling interest in.
(3)For the purposes of this section “sovereign wealth fund” means an entity which is a [F1governmental] entity for the purposes of this Part as a result of meeting the condition in section 234(1)(b)(ii).
Textual Amendments
F1Word in s. 252(3) 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. 56(9)
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