44 Allowance: joint venture companies
Finance Act 2022 (2022 c 3) | Legislation

44  Allowance: joint venture companies

(1)     This section applies for the purposes of calculating the allowance of a relevant joint venture company for an accounting period where an excluded body (“B”) has a substantial interest in the relevant joint venture company.

(2)     The relevant joint venture company's allowance for an accounting period that is the same as or overlaps with a specific financial year (“year X”) is—

(a)     the amount that would otherwise have been the relevant joint venture company's allowance for that accounting period in accordance with section 43(6), reduced by the relevant percentage, or

(b)     where B allocates an allowable amount to the relevant joint venture company out of B's notional allowance for year X, the sum of that amount and the amount calculated in accordance with paragraph (a).

(3)     For the purposes of subsection (2)—

(a)

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