http://www.legislation.gov.uk/uksi/2007/3425/regulation/26/madeThe Real Estate Investment Trusts (Joint Venture Groups) Regulations 2007Corporation taxTaxBusiness practice and regulationBusiness financeBusiness ratesenKing's Printer of Acts of Parliament2014-11-05CORPORATION TAXThese Regulations make provision for the Real Estate Investments Trusts Regime (“the UK-REIT regime”), which was introduced by Part 4 of the Finance Act 2006 (c.25) (“the Act”) and amended by Schedule 17 to the Finance Act 2007 (c.11), to apply to joint ventures carried on through groups of companies. These Regulations provide that companies within the UK-REIT regime may elect to treat a joint venture carried on through a group of companies in which they have an interest (and which joint venture is not a group within the UK-REIT regime) to be treated in accordance with these Regulations as being within the UK-REIT regime.PART 3Joint Venture Groups: Group Real Estate Investment TrustsEarly exit26.(1)

Paragraph (2) applies if a joint venture group look through notice has been given in accordance with regulation 17 applying these Regulations to a member of a joint venture group and—

(a)

these Regulations (other than this regulation) cease to apply in accordance with regulation 19, and

(b)

these Regulations had applied to the member for a continuous period, immediately before these Regulations (other than this regulation) ceased to have effect, of less than ten years.

(2)

Section 132(2) and (3), as modified by paragraph 27 of Schedule 17, shall apply with the following further modifications—

(a)

the reference in paragraph 27(a) to a member of the group shall be treated as a reference to the member of the joint venture group,

(b)

the reference in paragraph 27(b) to G (property rental business) shall be treated as a reference to JVG (property rental business),

(c)

the references in section 132(2) to sections 111(2), 125(2) and 131(3) shall be treated as references to each of those sections as applied by these Regulations, and

(d)

in section 132(3)(b) the date of cessation shall be treated as the date on which these Regulations (other than this regulation) ceased to apply.

(3)

Paragraph (4) applies if a UK resident member of a joint venture group in respect of which a joint venture group look through notice has been given in accordance with regulation 17 ceases to be a member of that group, and

(a)

the notice applied these Regulations to the member for a continuous period of less than ten years, or

(b)

the member had been a member of the joint venture group for a continuous period of less than ten years.

(4)

Section 132(2) and (3), as modified by paragraph 28(2) of Schedule 17, shall apply with the following further modifications—

(a)

the reference in paragraph 28(2)(a) to G (property rental business) shall be treated as a reference to JVG (property rental business),

(b)

the reference in paragraph 28(2)(b) to a member of the group shall be treated as a reference to a member of the joint venture group,

(c)

the reference in section 132(2) to a company shall be treated as a reference to the member of the joint venture group, and

(d)

the references in section 132(2) to sections 111(2), 125(2) and 131(3) shall be treated as references to each of those sections as applied by these Regulations.

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