Part 2Employment income: charge to tax
Chapter 8Workers' services provided through intermediaries to small clients
F1When a person qualifies as small for a tax year
60BWhen a company qualifies as small for a tax year: joint ventures
(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.