Paragraph 10 Application in the case of joint venture group

United Kingdom

F1(1)

For the purpose of applying Chapter 1 of this Part of this Schedule to a joint venture group (see F2section 227 which applies this Schedule generally, with modifications, to joint venture groups) F3, that Chapter has effect as if—

(a)

paragraph F43(2)(b) were omitted (requirement for qualifying country-by-country report),

(b)

the reference in paragraph 4(2) to “the financial accounts of that member that are used for preparation of the group’s country-by-country report” were to the financial accounts that would be used if a qualifying country-by-country report had been prepared in respect of the joint venture group, and

(c)

in paragraph 9(2), the words from “ignoring” to the end were omitted.

F5(2)

For that purpose ignore section 227(1)(a) (reference to ultimate parent treated as reference to joint venture parent).

(3)

Accordingly, the filing member of a multinational group may make a separate transitional safe harbour election in respect of joint venture members of a joint venture group in a territory.

Annotations

Textual amendments

F1: Sch. 16 para. 10 renumbered as Sch. 16 para. 10(1) (with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 58(3)(a)
F2: Words in Sch. 16 para. 10(1) substituted (with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 58(3)(b)(i)
F3: Words in Sch. 16 para. 10(1) inserted (with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 58(3)(b)(ii)
F4: Word in Sch. 16 para. 10(1)(a) substituted (with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 58(3)(c)
F5: Sch. 16 para. 10(2)(3) inserted (with effect for accounting periods beginning on or after 31.12.2023 in accordance with Sch. 12 para. 1(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 12 para. 58(3)(d)

Notes on Chapter 2

Textual amendments

F1: Words in Sch. 16 Pt. 2 Ch. 2 heading inserted (in relation to accounting periods commencing on or after 31.12.2024) by Finance Act 2025 (c. 8), Sch. 4 paras. 6(3), 10