Part 3

Multinational top-up tax
Chapter 4

Calculation of adjusted profits of members of a multinational group

Adjustments of underlying profits

Profits adjusted to be before tax
138
1
The underlying profits of a member of a multinational group for an accounting period are to be adjusted by adding back any debit, and excluding any credit, for tax expense amounts reflected in ... those profits.
2
In this Part “tax expense amount” means an amount of tax expense (including a deferred tax expense) in respect of—
a
a covered tax (whether or not the income to which the tax relates are excluded from adjusted profits for the purposes of this Part);
b
multinational top-up tax, or any tax equivalent to multinational top-up tax;
c
a qualifying domestic top-up tax (see section 256);
d
a qualifying undertaxed profits tax (see section 257);
e
taxes accrued by an insurance company in respect of returns to policyholders to the extent that section 152(2) applies in relation to those taxes;
f
a disqualified refundable imputation tax (see section 253).
Word in s. 138(1) 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. 50(1)