Search Legislation

Finance (No. 2) Act 2023

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes to legislation:

There are currently no known outstanding effects for the Finance (No. 2) Act 2023, Part 2. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Part 2U.K.Meaning of “filing member”

2(1)The filing member of a multinational group is the ultimate parent of that group, unless a nomination under sub-paragraph (2) is in force.U.K.

(2)The nomination referred to in sub-paragraph (1) is a nomination by the ultimate parent of the group that another person should act as the filing member.

(3)The ultimate parent may only nominate a person if—

(a)the person is a member of the group, and

(b)the person is a company.

(4)If the ultimate parent nominates a person under sub-paragraph (2), they must—

(a)nominate the same person as the filing member for the purposes of Schedule 18;

(b)if the nomination ceases to be in force, revoke the nomination referred to in paragraph (a);

(c)if the nomination referred to in paragraph (a) ceases to be in force, revoke the nomination.

(5)The ultimate parent must provide the person nominated with everything the person may reasonably require in order to comply with the obligations of a filing member under this Schedule.

(6)While a nomination under sub-paragraph (2) is in force, the filing member of a multinational group is the person nominated.

(7)A nomination is in force from the time it is made until any of the following events occurs—

(a)the ultimate parent nominates another person;

(b)the person nominated ceases to be a member of the group;

(c)the person nominated ceases to be a company;

(d)the ultimate parent revokes the nomination;

(e)an officer of Revenue and Customs revokes the nomination.

(8)An officer of Revenue and Customs may revoke a nomination if the officer considers that—

(a)the ultimate parent is not complying with its obligation under sub-paragraph (5), or

(b)the person nominated is not complying with the obligations of a filing member under this Schedule.

(9)An officer of Revenue and Customs revokes a nomination by notifying the ultimate parent and the nominated person of the revocation.

(10)The revocation has effect when the notification is issued.

(11)Any nomination, or revocation of a nomination, must be in writing.

(12)Paragraph 3 makes provision for circumstances in which the ultimate parent is the filing entity but is not a company.

(13)Paragraph 4 makes specific provision for a multinational group that is part of a multi-parent group.

(14)Paragraph 5 makes provision for the effect of the filing member of a multinational group changing.

3(1)This paragraph applies where—U.K.

(a)the filing member of a multinational group is its ultimate parent, and

(b)the ultimate parent is not a company.

(2)The obligations of the filing member under this Schedule may be met by—

(a)in the case of a partnership other than a limited partnership F1..., any partner;

(b)in the case of a limited partnership, any general partner;

F2(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)in the case of a trust, any trustee;

(e)in the case of any other arrangement, any person responsible for preparing the separate financial accounts.

[F3(3)In this Schedule—

(a)limited partnership” includes an entity established under the law of a territory outside the United Kingdom that is equivalent to a limited partnership, and

(b)general partner” includes a partner of such an entity that corresponds to a general partner.

(4)See also section 232A, which contains provision about the continuity of partnerships which is relevant to this paragraph.

(5)Where an obligation of a partnership may be met by one of its partners and the partnership does not comply with that obligation—

(a)an officer of Revenue and Customs may by notice require any such partner to meet the obligation, and

(b)that partner is to be treated for that purpose as the filing member (and accordingly may be subject to any penalty for a failure to comply).]

Textual Amendments

F1Words in Sch. 14 para. 3(2)(a) omitted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 12 para. 2(6)(a)(i)

F2Sch. 14 para. 3(2)(c) omitted (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 12 para. 2(6)(a)(ii)

F3Sch. 14 para. 3(3)-(5) substituted for Sch. 14 para. 3(3) (22.2.2024 with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 2(6)(a)(iii)

4(1)The obligations of a filing member of a multinational group that is part of a multi-parent group may be met by the filing member of any of the groups that are part of that multi-parent group, subject to sub-paragraph (2).U.K.

(2)The obligations of the filing member may not be met by a person nominated under paragraph 2(2) unless the ultimate parent of each group forming the multi-parent group has authorised the nomination.

(3)Any authorisation must be in writing.

5(1)This paragraph applies if at any time (“the relevant time”) a person (“the new filing member”) becomes the filing member of a multinational group in place of another person (“the old filing member”).U.K.

(2)The obligations and liabilities of the new filing member under this Schedule include any obligations and liabilities the old filing member had under this Schedule.

(3)Anything done as the filing member of the group by or in relation to the old filing member, before the relevant time, is treated as having been done by or in relation to the new filing member.

(4)Accordingly, a penalty may be imposed on the new filing member in respect of anything done before the relevant time if, at that time, a penalty could have been imposed on the old filing member in respect of the thing done.

(5)Anything done by HMRC in relation to the old filing member under this Schedule, before the end of the day the change is notified, is treated for all purposes under this Schedule as done in relation to the new filing member.

(6)Anything that, at any time during the period beginning with the relevant time and ending with the day the change is notified, is in the process of being done under this Schedule in relation to the old filing member may be continued in relation to the new filing member.

(7)Accordingly, any reference in an enactment or other instrument to the filing member of the group is to be read, so far as necessary for the purposes of giving effect to any of sub-paragraphs (2) to (6), as being or including a reference to the new filing member.

(8)In this paragraph

(a)any reference to an act includes an omission;

(b)any reference to the day the change is notified is to the day on which an officer of Revenue and Customs receives notification that the new filing member has become the filing member of the group.

(9)Nothing in this paragraph

(a)prevents HMRC or anyone else, after the relevant time, from imposing a penalty, exercising any other power, or doing anything else, in relation to the old filing member in respect of anything done before the relevant time, or

(b)affects the validity of anything done before the relevant time.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources