Corporation Tax Act 2010 section 592

Joint venture groups: financial statements

Section 592 requires the principal company of a UK REIT joint venture group to prepare and submit separate financial statements for the joint venture group to HMRC for each accounting period in which the joint venture election is in effect.

• Where a joint venture group has elected into the UK REIT regime, the principal company of that joint venture group must prepare financial statements for the group for each accounting period covered by the election.
• These financial statements must be of the same type as those required for group UK REITs — that is, they must comply with the same format and content requirements, and the same supplementary rules apply.
• The completed financial statements must be submitted to an officer of HMRC.
• These joint venture group financial statements are a separate, additional requirement — they do not replace the financial statements that the wider REIT group must already prepare, which must also include information relating to the joint venture group members.