Schedules

Schedule 12U.K.Pillar Two

Part 2U.K.Multinational top-up tax

Substance based income exclusion: impairment lossesU.K.

23In section 197(4)—

(a)omit the “and” after paragraph (b), and

(b)after paragraph (c) insert—

“(d)any impairment loss, and

(e)so much of the reversal of a previous impairment loss as does not cause the carrying value to exceed the value it would have been had the impairment loss not been recognised,”.