Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Joint venture definition

What does Joint venture mean? In legal practice, a joint venture is a collaborative arrangement in which two or more parties pool assets, finance, IP or know‑how to carry on a specific project or an ongoing business, sharing control, risks, profits and losses (including equity and revenue where an entity is formed). It is a descriptive term rather than one defined by statute across England & Wales, Scotland, Northern Ireland and Ireland, though used in competition, tax and accounting contexts. Structures commonly include: (i) an incorporated joint venture (usually a private company limited by shares) with rights documented in a shareholders’ agreement and...

UK tax issues on forming joint venture partnerships: entity choice, partner profit allocation, asset contributions, corporation tax (gains/income), stamp taxes (SDLT, LBTT, LTT), VAT and available reliefs

Published by a LexisNexis Tax expert

Practice notes

This Practice Note examines the UK tax considerations when setting up a Joint venture run through a Partnership. For the purposes of this Practice Note, it is assumed that:

the joint venture participants are UK tax resident corporate bodies
the joint venture partnership vehicle is likewise UK tax resident; and
the venture’s activities are conducted in the UK

For information on:

operating and winding up a joint venture partnership, see Practice Note: Tax implications of operating and terminating a joint venture partnership; and
joint ventures with a non-UK dimension, see Practice Note: Tax implications of international joint ventures

This Practice Note does not address certain Investment partnerships that are unit trust schemes which may not be treated as transparent for tax purposes.

What types of partnership may be used for a joint venture?

A joint venture may employ one of the following three main partnership forms as the vehicle, with the parties as partners in that vehicle:

unlimited or general partnership
limited partnership
limited liability partnership (LLP)

A partnership is defined as ‘the relation which subsists between persons carrying on a business in’...

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Arun Birla

Paul Hastings LLP

Arun Birla is a partner in the Tax practice of Paul Hastings. Mr. Birla advises UK and international clients on transactions involving M&A, private equity, investment funds, structured and asset finance, joint ventures, financing arrangements, corporate mergers, demergers, reorganisations, and restructurings. Author of: UK taxation of parties in securitisation transactions...

Hannah Gray

Paul Hastings LLP

Hannah Gray is an associate in the Tax practice of the London office of Paul Hastings. She has advised a number of UK based and international clients on structuring of financial products as well as on the corporate and tax (both direct and indirect tax) implications of a broad range of transactions covering M&A, private equity, investment funds and financing arrangements. Author of: UK taxation of parties in securitisation transactions...

Abigail Hung

Paul Hastings LLP

Web page updated on 22/05/2026

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