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Part 22U.K.Miscellaneous provisions

Chapter 9U.K.Other miscellaneous provisions

European Economic Interest GroupingsU.K.

990European Economic Interest GroupingsU.K.

(1)The following rules about European Economic Interest Groupings apply for the purposes of charging corporation tax in respect of income—

(2)For the purposes of Rule 3, a member's share of any property, rights or liabilities of a grouping is determined in accordance with the contract under which the grouping is established.

(3)If the contract does not provide for this, the member's share is determined by reference to the share of the profits of the grouping to which the member is entitled under the contract.

(4)If the contract does not provide for this either, the members are treated as having equal shares of the property, rights and liabilities of the grouping.

(5)Part 5 of CTA 2009 (loan relationships) applies in relation to a grouping as it applies in relation to a firm.

(6)For the purposes of subsection (5) see in particular the following provisions of Part 5 of CTA 2009—

(7)European Economic Interest Grouping” means a European Economic Interest Grouping formed under Council Regulation (EEC) No 2137/85 of 25 July 1985, whether registered in Great Britain, Northern Ireland or elsewhere.