Legislation – Finance Act 2024
Changes to legislation:
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Schedule 12Pillar Two
Part 4Minor and technical changes
Chapter 6 of Part 3 (calculation of top-up amounts)
52
(1)
In section 194 (total top-up amount for a territory), in subsection (3), for “in”, in the third place it occurs, substitute “for”
.
(2)
In section 196 (eligible payroll costs), in subsection (3), for ““Employee”” substitute “In this section “employee””
.
(3)
In section 197 (eligible tangible asset amount)—
(a)
“(1)
To determine the eligible tangible asset amount of a member of a multinational group for an accounting period—
(a)
add together—
(i)
the sum of the recorded carrying values of each eligible tangible asset held by the member at the start of the period, and
(ii)
the sum of the recorded carrying values of each eligible tangible asset held by the member at the end of the period, and
(b)
divide the result of paragraph (a) by 2.”, and
(b)
omit subsection (2).