597Cases where no additional charge dueU.K.
(1)A joint venture company is not chargeable to tax under section 538 (entry charge) in a case where—
(a)a company which has given a notice under section 586(2) (“notice A”) in respect of the joint venture company becomes the principal company of a group UK REIT,
(b)the company gives a notice under section 586(1) (“notice B”) in respect of the joint venture company, and
(c)the company's shareholding in the joint venture company has not changed between the giving of notice A and notice B.
(2)A member of a joint venture group is not chargeable to tax under section 538 in a case where—
(a)a company which has given a notice under section 587(2) (“notice A”) in respect of the joint venture group becomes the principal company of a group UK REIT,
(b)the company gives a notice under section 587(1) (“notice B”) in respect of the joint venture group, and
(c)the company's shareholding in the member of the joint venture group has not changed between the giving of notice A and notice B.