s 252 Application to sovereign wealth funds
(1) A sovereign wealth fund that would, ignoring this subsection, be the ultimate parent of a multinational group is not to be regarded as the ultimate parent of that group and is to be ignored for the purposes of this Part . (2) Accordingly, an entity (“ A ”) in which such a sovereign wealth fund has a controlling interest as a result of direct ownership interests is to be regarded as the ultimate parent of a consolidated group consisting of— (a) itself, and (b) the entities that A has a controlling interest in. (3) For the purposes of this section “ sovereign wealth fund ” means an entity which is a governmental entity for the purposes of this Part as a result of meeting the condition in section 234 (1) (b) (ii) .