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Legislation
Corporation Tax Act 2010

Crossheading Specific requirements and modifications

  • Section 591 Conditions as to balance of business
  • Section 592 Joint venture groups: financial statements
  • Section 593 Financial statements under section 532: joint venture groups
  • Section 594 Modifications of Chapter 3
  1. Specific requirements and modifications
  2. Conditions as to balance of business

Section 591 | Conditions as to balance of business

From legislation.gov.uk

(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.

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