Paragraph 4 Application in the case of joint venture groupF1

(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 in paragraph 3—

F2(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

F3at the end there were inserted the following disqualifying condition—

“F4Condition E is that the qualifying domestic top-up tax applying in the territory—
(a)
does not generally impose a charge on F5... members of a joint venture group, and
(b)
does not include provision for a charge to be imposed on such members in circumstances where there would otherwise be an amount of tax that was not charged to any member of the group in that territory.”

(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 qualifying domestic top-up tax safe harbour election in respect of joint venture members of a joint venture group in a territory.

Annotations

Textual amendments

F1: Sch. 16A 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. 41(1)
F2: Sch. 16A para. 4(1)(a) omitted (in relation to accounting periods ending on or after 21.7.2025) by virtue of Finance Act 2026 (c. 11), Sch. 8 paras. 22(3)(a), 53(2)
F3: Words in Sch. 16A para. 4(1)(b) substituted (in relation to accounting periods ending on or after 21.7.2025) by Finance Act 2026 (c. 11), Sch. 8 paras. 22(3)(b)(i), 53(2)
F4: Sch. 16A para. 4(1)(b): the inserted sub-paragraph (7) becomes an inserted unnumbered sub-paragraph (in relation to accounting periods ending on or after 21.7.2025) by Finance Act 2026 (c. 11), Sch. 8 paras. 22(3)(b)(ii), 53(2)
F5: Words in Sch. 16A para. 4(1)(b) omitted (with effect in accordance with Sch. 4 para. 72(4) of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 4 paras. 71, 72(4)