Section 256 | Qualifying domestic top-up tax

(1)For the purposes of this Part a tax is a “qualifying domestic top-up tax” if it is—

(a)domestic top-up tax (see Part 4), or

(b)specified in , or in accordance with, regulations made by the Treasury.^F1

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

(2)A tax may only be specified in regulations , or a notice, if the appropriate authority considers that it is equivalent in substance to domestic top-up tax (see Part 4).^F3F4

(2A)The “appropriate authority” means—^F5

(a)in relation to the specification of a tax in regulations, the Treasury, or^F5

(b)in relation to the specification of a tax made by notice, the Commissioners for His Majesty’s Revenue and Customs.^F5

(3)A tax may be considered equivalent to domestic top-up tax despite being not being calculated in accordance with the financial accounting standard used in the consolidated financial statements of the ultimate parent if calculated in accordance with an authorised accounting standard that is either—

(a)an acceptable accounting standard, or

(b)another financial accounting standard that is adjusted to prevent material competitive distortions.

(4)Regulations under this section may provide for the specification of a tax ... to have effect from a time before the tax was specified (but may not provide for the specification of a tax to cease to have effect in relation to accounting periods commencing before the regulations are made).^F6F7F8F9

(5)Repealed^F10