40 Attributable joint venture profits and losses
Finance Act 2022 (2022 c 3) | Legislation

40  Attributable joint venture profits and losses

(1)     For the purposes of section 38, the amount of any joint venture profits or losses attributable to an RP developer for an accounting period is determined in accordance with this section and—

(a)     joint venture profits means the RPD profits of a relevant joint venture company so far as they fall below the joint venture company's allowance for that period (and, accordingly, the joint venture company is not charged to the tax in respect of them), and

(b)     joint venture losses means the RPD losses of a relevant joint venture company.

(2)     A company (“C”) is a relevant joint venture company for the purposes of this Part if—

(a)     C is an RP developer or a company which is a member of the same group as C is an RP developer,

(b)     C is not a 75% subsidiary of another company, and

(c)     there are five or fewer persons who between them—

(i)     hold 75% or more of C's ordinary share capital, or

(ii)     in a case where C does not have ordinary share capital, are beneficially entitled to 75% or more

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