Section 257 | Qualifying undertaxed profits tax

(1)For the purposes of this Part a tax is a “qualifying undertaxed profits tax” if it is —^F1

(a)multinational top-up tax (see, in particular, Chapter 9A), or^F1

(b)specified in regulations made by the Treasury.^F1

(1A)Regulations under subsection (1)(b) 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 person may only specify a tax by virtue of this section if the person considers that the tax is an appropriate means of implementing the UTPR (within the meaning of the Pillar Two rules).^F3

(3)Regulations under this section may provide that the specification of a tax is to have effect from a time before the regulations are made (but may not provide that the specification of a tax previously specified ceases to have effect before the regulations are made).