Section 591 — Corporation Tax Act 2010: Conditions as to balance of business

Conditions as to balance of business 591 1 This section applies if—

a a notice is given under section 586 in respect of a joint venture company, or b a notice is given under section 587 in respect of a joint venture group.

2 Condition A in section 531 (balance of business: profits) must be met in respect of the company or group in relation to each accounting period in relation to which the notice has effect.

3 Condition B in section 531 (balance of business: assets) must be met in respect of the company or group at the beginning of each accounting period in relation to which the notice has effect.

4 For the purposes of this section, section 531 applies—

a in the case of a joint venture company, as if it were a company which had given a notice under section 524, and b in the case of a joint venture group, as if it were a group in respect of which a notice had been given under section 523.