Taxation (Multinational - Global and Domestic Minimum Tax) Rules 2024

CHAPTER 2 - LIABILITY AMOUNTS  

PART 2-5 - UTPR TOP-UP TAX AMOUNT  

SECTION 2-50   UTPR TOP-UP TAX AMOUNT - SPECIAL RULE FOR CONSOLIDATED GROUPS  

2-50(1)    

Subsection (2) applies if:

(a)    a Constituent Entity of an MNE Group is a subsidiary member of a consolidated group; and

(b)    the head company of the consolidated group is not any of the following:

(i) an Excluded Entity;

(ii) an Investment Entity;

(iii) an Insurance Investment Entity;

(iv) a Securitisation Entity for the Fiscal Year.

2-50(2)    
Despite section 2-45 , the Constituent Entity ' s UTPR Top-up Tax Amount for the Fiscal Year is taken to be reduced to zero.

2-50(3)    
Subsection (4) applies if the Constituent Entity is the head company of a consolidated group.

2-50(4)    
The amount of the Constituent Entity ' s UTPR Top-up Tax Amount for the Fiscal Year is taken to be increased by the amount of each reduction under subsection (2) of this section (if any) in respect of a subsidiary member of the consolidated group.

2-50(5)    
This section applies in relation to a MEC group in the same way in which it applies in relation to a consolidated group.

2-50(6)    
The following terms have the same meaning in this section as they do in the Income Tax Assessment Act 1997 :

(a)    consolidated group;

(b)    head company;

(c)    MEC group;

(d)    subsidiary member.