[Part 2 Joint Venture Companies]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[Part 2 Joint Venture Companies]

[Attribution of activities of a joint venture company

3

In relation to a disposal of assets consisting of (or of interests in) shares in or securities of a company (“company A”), activities of a joint venture company are to be attributed to a company under subsections (7) and (12) of section 165A only if P—

(a)     passes the shareholding test in relation to the joint venture company (see paragraphs 5 to 8), and

(b)     passes the voting rights test in relation to the joint venture company (see paragraphs 9 to 12).

Meaning of “investing company”

4

(1)     For the purposes of this Part, a company is an “investing company” in relation to P and a joint venture company if it meets conditions 1 and 2.

(2)     Condition 1 is that—

(a)     the company is company A (see paragraph 3), or

(b)     P directly owns some portion of the ordinary share capital of the company.

(3)     Condition 2 is that the company owns some portion of the ordinary share capital of the joint venture company (whether it is owned directly, indirectly, or partly directly and partly indirectly).

(4)     In sub-paragraph

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