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Income Tax (Earnings and Pensions) Act 2003

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Income Tax (Earnings and Pensions) Act 2003, Section 60B is up to date with all changes known to be in force on or before 06 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F160BWhen a company qualifies as small for a tax year: joint venturesU.K.
This section has no associated Explanatory Notes

(1)This section applies when determining for the purposes of section 60A(3) whether the small companies regime applies to a company for a financial year in a case where—

(a)at the end of the financial year the company is jointly controlled by two or more other persons, and

(b)one or more of those other persons are undertakings (“the joint venturer undertakings”).

(2)If the company is a parent company, the joint venturer undertakings are to be treated as members of the group headed by the company.

(3)If the company is not a parent company, the company and the joint venturer undertakings are to be treated as constituting a group of which the company is the parent company.

(4)In this section the expression “jointly controlled” is to be read in accordance with those provisions of international accounting standards which relate to joint ventures.

(5)Expressions used in this section and in the Companies Act 2006 have the same meaning in this section as in that Act.]

Textual Amendments

F1Ss. 60A-60I and cross-headings inserted (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 1 paras. 5, 24 (with Sch. 1 paras. 30-34)

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