§ 14 — Amount of MTT chargeable on chargeable entity

14.—(1) Subject to subsection (2), the amount of MTT chargeable on a chargeable entity for a financial year is the sum of the top‑up tax (determined in accordance with sections 15, 24 and 25) of each relevant entity of the chargeable entity for the financial year.(2) Where a chargeable entity (X) holds an indirect ownership interest in a relevant entity (Y) through another responsible member (Z) of the MNE group, the amount of MTT chargeable on X for the financial year is reduced (but not below nil) by the amount of MTT or qualified IIR chargeable for that financial year on Z in respect of the part of the top‑up amount of Y that is attributable to X’s indirect ownership interest in Y for that financial year.

—(1) Subject to subsection (2), the amount of MTT chargeable on a chargeable entity for a financial year is the sum of the top‑up tax (determined in accordance with sections 15, 24 and 25) of each relevant entity of the chargeable entity for the financial year.

(2) Where a chargeable entity (X) holds an indirect ownership interest in a relevant entity (Y) through another responsible member (Z) of the MNE group, the amount of MTT chargeable on X for the financial year is reduced (but not below nil) by the amount of MTT or qualified IIR chargeable for that financial year on Z in respect of the part of the top‑up amount of Y that is attributable to X’s indirect ownership interest in Y for that financial year.