Corporation Tax Act 2010 section 593

Financial statements under section 532: joint venture groups

Section 593 sets out how joint venture group members' financial data should be included in the REIT financial statements, requiring only the proportionate share attributable to the venturing group or company to be reported.

• When a joint venture group notice has been given, only a proportionate share of each joint venture member's financial data is included in the REIT financial statements
• The financial data affected includes profits, expenses, gains, losses, assets and liabilities of each joint venture group member
• The "relevant percentage" is determined by the beneficial interest held by the venturing group (where the notice was given by a group) or by the venturing company (where the notice was given by a single company)
• The normal rules for supplementary financial statement requirements are modified so that the proportionate share approach applies instead