F1Part 10F1Corporate interest restriction
F1CHAPTER 8Public infrastructure
Supplementary
445Joint venture groups
(1)
This section applies if the joint venture company is the ultimate parent of a multi-company worldwide group at any time in the accounting period.
(2)
An election made by the joint venture company under section 444 in relation to the accounting period is of no effect unless all the other members of the group—
(a)
are qualifying infrastructure companies for the accounting period,
(b)
are wholly-owned subsidiaries of the joint venture company throughout the accounting period, and
(c)
have the same accounting periods as the joint venture company.
(3)
In determining whether the conditions in section 444(1)(c) to (e) are met in relation to the accounting period of the joint venture company, any loans made to any of the other members of the group are treated as if they were made to the joint venture company.
(4)
If the joint venture company makes an election under section 444 for the accounting period, the modifications made by subsections (5) to (10) of that section are also to apply in relation to each of the other members of the group.