Finance (No. 2) Act 2023

271 Election to make one member of a group liable for amounts charged U.K.

(1) Where multiple members of a group are chargeable to domestic top-up tax in an accounting period, the filing member of the group may elect that only one member of the group specified in the election (the “[F1 elected] member”) is to be liable to pay domestic top-up tax in that period.

(2) Where an election under this section is made—

(a) no member of the group other than the [F2 elected] member is required to pay any amount by way of domestic top-up tax, and

(b) the [F2 elected] member must pay any amount by way of domestic top-up tax any other member of the group would have been required to pay if the election had not been made.

(3) Subsection (2) does not apply if the [F3 elected] member has not consented to the election.

(4) Paragraph 2 of Schedule 15 (annual elections) applies to an election under this section, and has effect for that purpose as if references to an information return or overseas return notification were to a self-assessment return or below-threshold notification.

Textual Amendments

F1 Word in s. 271(1) 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. 57(1)(a)

F2 Word in s. 271(2) 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. 57(1)(b)

F3 Word in s. 271(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. 57(1)(c)