Tax analysis: the First-tier Tax Tribunal (FTT) has found that loans to 50/50 joint venture (JV) companies have tipped the JV member over the 50% threshold for control so that the companies have become associated companies for the purposes of the small profits rate of corporation tax (which applied prior to 1 April 2015). The FTT has also found that information in accounts submitted with the tax return were insufficient to prevent a subsequent discovery assessment.
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