Legislation – Finance Act 2024
Schedule 12Pillar Two
Part 4Minor and technical changes
Chapter 10 of Part 3 (definitions etc)
56
(1)
In section 231(1) (meaning of entity)—
(a)
after paragraph (a), insert “or”
,
(b)
omit paragraphs (b) and (c), and
(c)
in paragraph (d)—
(i)
omit “other”, and
(ii)
after “the arrangement” insert “(such as a partnership or trust)”
.
(2)
In section 232(1)(a) (permanent establishments treated as entities), for “of the main entity” substitute “in which the main entity is located”
.
(3)
In section 235(1)(b) (pension funds and pension services entities), at the beginning insert “it is”
.
(4)
In section 244 (calculating percentage ownership interests of a class), in subsection (2)(a), after “by” insert “an individual or by”
.
(5)
In section 245 (calculating percentage ownership interests: excluded entities), in subsection (2), after “Where” insert “an individual or”
.
(6)
In section 246(1)(b)(ii) (calculating percentage direct and indirect ownership interests) for “E” substitute “F”
.
(7)
In section 248 (exclusion of indirect interests held through ultimate parent), after “entity” insert “or individual”
.
(8)
In section 249(2) (consolidated financial statements)—
(a)
for “an” substitute “the”
, and
(b)
after “standard” insert “that is used as the basis for the statements that would have been prepared”
.
(9)
In section 252(3) (application to sovereign wealth funds), for “government” substitute “governmental”
.
(10)
In section 253 (refundable imputation taxes)—
(a)
in subsection (1)(a)(i)—
(b)
for “in respect of a dividend made by the member and is” substitute “as a result of a dividend made by the member,”
, and
(c)
in subsection (2)(b)—
(i)
in sub-paragraph (v), for the words from “, a resident pension fund” to the end substitute “or a resident pension fund”
,
(ii)
omit the “or” after that sub-paragraph, and
(iii)
“(va)
a resident investment entity that is not a member of the group, or”.
(11)
In section 259 (other definitions), in subsection (1)—
(a)
““deemed distribution” has the meaning given by section 215(4)(c);”, and
(b)
in the definition of “tax treaty”, for “agreement for” substitute “international agreement for, or provision of an international agreement concerned with,”
.