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Corporation Tax Act 2010

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IntroductionU.K.

583Overview of ChapterU.K.

(1)This Chapter makes provision about how this Part applies in relation to property rental business carried on—

(a)by a joint venture company (as defined by section 584), or

(b)by one or more members of a joint venture group (as defined by that section).

(2)Sections 586 and 587 are about the notice required for this Part to apply in relation to the property rental business; it is the giving of the notice that makes a group UK REIT or company UK REIT a venturing group or venturing company (see section 585).

(3)Sections 588 to 590 contain provision about the effect of the notice and its duration.

(4)The remainder of the Chapter contains—

(a)specific modifications and other provision relevant to the application of this Part (see sections 591 to 594),

F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)provision about the interpretation of this Chapter (see section 598).

Textual Amendments

F1S. 583(4)(b) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 4 para. 38

584Meaning of “joint venture company” and “joint venture group”U.K.

(1)In this Chapter “joint venture company” means a company carrying on property rental business (“the joint venture”) in circumstances where the condition in subsection (3) is met.

(2)In this Chapter “joint venture group” means a group of companies one or more of which is or are carrying on property rental business (“the joint venture”) in circumstances where the condition in subsection (3) is met.

(3)The condition is that an interest in the joint venture is held—

(a)by one or more members of a group UK REIT, or

(b)by a company UK REIT.

585Meaning of “venturing group” and “venturing company”U.K.

(1)In this Chapter “venturing group” means a group UK REIT the principal company of which has given a notice under section 586(1) or 587(1).

(2)In this Chapter “venturing company” means a company UK REIT which has given a notice under section 586(2) or 587(2).

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