Section 60B — Income Tax (Earnings and Pensions) Act 2003: When a company qualifies as small for a tax year: joint ventures

When a company qualifies as small for a tax year: joint ventures 60B 1 This section applies when determining for the purposes of section 60A(3) whether the small companies regime applies to a company for a financial year in a case where—

a at the end of the financial year the company is jointly controlled by two or more other persons, and b one or more of those other persons are undertakings (“the joint venturer undertakings”).

2 If the company is a parent company, the joint venturer undertakings are to be treated as members of the group headed by the company.

3 If the company is not a parent company, the company and the joint venturer undertakings are to be treated as constituting a group of which the company is the parent company.

4 In this section the expression “ jointly controlled ” is to be read in accordance with those provisions of international accounting standards which relate to joint ventures.

5 Expressions used in this section and in the Companies Act 2006 have the same meaning in this section as in that Act.