127 Excluded entities
Finance (No 2) Act 2023 (2023 c 30) | Legislation

127  Excluded entities

(1)     For the purposes of this Part, excluded entities are to be treated as not being members of a multinational group.

(2)     But subsection (1) does not apply for the purposes of the following provisions—

(a)     section 126 (and accordingly an excluded entity that is the ultimate parent of multinational group remains the ultimate parent of that group),

(b)     this section, and

(c)     section 129 (determining whether a multinational group is qualifying).

(3)     The following are excluded entities—

(a)     a governmental entity;

(b)     an international organisation;

(c)     a pension fund;

(d)     a non-profit organisation;

(e)     a qualifying non-profit subsidiary;

(f)     a qualifying service entity;

(g)     a qualifying exempt income entity.

(4)     The following are also excluded entities if they are the ultimate parent of a multinational group, or would be but for the fact they do not produce consolidated financial statements that include assets,

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