Section 241 | Pillar Two territories

(1)In this Part “Pillar Two territory” means the United Kingdom and every other territory specified as such in , or in accordance with, regulations made by the Treasury.^F1

(1A)Regulations may provide for the specification of a territory to be made by notice published by the Commissioners for His Majesty’s Revenue and Customs in accordance with the regulations.^F2

(2)Regulations , or a notice, may only specify a territory as a Pillar Two territory if the appropriate authority considers that provisions which implement the provisions of the Pillar Two rules relating to top-up tax under the IIR (within the meaning of those rules)—^F3F4F5

(a)have effect under the law of that territory, or

(b)will have effect under the law of that territory on or before the specification has effect.

(2A)The “appropriate authority” means—^F6

(a)in relation to the specification of a territory in regulations, the Treasury, or^F6

(b)in relation to the specification of a territory made by notice, the Commissioners for His Majesty’s Revenue and Customs.^F6

(3)Regulations under this section may provide for the specification of a territory ... to have effect from a time before the territory was specified (but may not provide for the specification of a territory to cease to have effect in relation to accounting periods commencing before the regulations are made).^F7F8F9F10

(4)Repealed^F11