Section 593 — Corporation Tax Act 2010: Financial statements under section 532: joint venture groups

Financial statements under section 532: joint venture groups 593 1 This section applies if a notice is given under section 587 in respect of a joint venture group.

2 The amount to be included in the financial statements under section 532(2) in relation to a member of a joint venture group is the relevant percentage of profits, expenses, gains, losses, assets and liabilities of the member. 3 “ The relevant percentage ” means—

a in a case where a notice was given under section 587(1), the percentage of the beneficial interest in the member that is held by members of the venturing group, and b in a case where a notice was given under section 587(2), the percentage of the beneficial interest in the member that is held by the venturing company.

4 Section 533 accordingly has effect in relation to the member as if for subsection (3) there were substituted subsections (2) and (3) of this section.