293 Non-chargeable amounts of joint venture to be attributed to participants
Finance (No 2) Act 2023 (2023 c 30) | Legislation

Attribution and Surrender of Amounts: Joint Ventures and Significant Minority Shareholders

293  Non-chargeable amounts of joint venture to be attributed to participants

(1)     Subsection (3) applies where the result of Step 4 in section 279(5) for a joint venture undertaking is greater than nil for a qualifying period.

(2)     For the purposes of this Part “joint venture undertaking” means a generating undertaking—

(a)     that is a qualifying joint venture, or

(b)     that is a group whose principal member is a qualifying joint venture.

(3)     The appropriate proportion of the non-chargeable amount in relation to the joint venture undertaking is to be added to the result of Step 4 in section 279(5) for each generating undertaking that is a participant in the qualifying joint venture (“the JV”) that comprises, or is the principal member of, the joint venture undertaking (and where Step 4 would not otherwise have been reached as a result

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