# Finance (No. 2) Act 2023, Paragraph 10: Application in the case of joint venture group

Extent: E+W+S+N.I.

(1) For the purpose of applying Chapter 1 of this Part of this Schedule to a joint venture group (see section 227 which applies this Schedule generally, with modifications, to joint venture groups) , that Chapter has effect as if—
(a) paragraph 3(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.
(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.

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Source: https://www.legislation.gov.uk/ukpga/2023/30/schedule/16/paragraph/10 (the official version)
Page: https://openlegislation.uk/finance-no-2-act-2023/schedule-16/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.