300 Election to treat certain companies as transparent
Finance (No 2) Act 2023 (2023 c 30) | Legislation

Treatment of Company as Transparent as Alternative to Attribution and Surrender

300  Election to treat certain companies as transparent

(1)     A company that is, or is a member of, a generating undertaking may elect that the company is to be treated as transparent while the election is in force.

Section 301 sets out the effect of a company being “treated as transparent”.

(2)     An election under subsection (1)—

(a)     must be made by notice to HMRC;

(b)     must specify the first day on which the election is to have effect, which must be no earlier than 12 months before the day on which the notice is given;

(c)     may only be made if conditions A and B are met.

(3)     Condition A is that—

(a)     the company is a qualifying joint venture that is, or is a member of, a generating undertaking, or

(b)     the company—

(i)     is a subsidiary

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