13.—(1) Section 119 and section 120, shall apply in relation to a venturing group and a joint venture company with the following further modifications.
(2) References to G (property rental business) shall be read as including the percentage of the venturing group’s interest in the property rental business of the joint venture company and references to G (residual) shall be read as including any non-property rental business of the joint venture company.
(3) Sections 111 and 131 (joining and leaving group) shall apply in relation to a joint venture company as they apply to a group to which Part 4 applies.
For this purpose references to becoming a member of the group are to be read as references to the time at which a joint venture look-through notice becomes effective.
(4) Section 112 (entry charge) as modified by paragraph 11 of Schedule 17 shall have effect in relation to a venturing group and a joint venture company with the following further modifications—
(a)a reference to a company to which Part 4 applies shall be treated as a reference to a UK resident joint venture company to which these Regulations apply, and
(b)the reference in subsection (3)(a) to the aggregate market value of assets shall be treated as including the proportion of the venturing group member’s interest in the aggregate market value of the assets of the joint venture company
(5) Section 117 applies to a joint venture company as it applies to a company to which Part 4 applies.
(6) Section 124 as modified by paragraph 21 of Schedule 17 shall apply in relation to the UK joint venture company with the following further modifications—
(a)references to C (tax-exempt) shall be read as a reference to the joint venture company in so far as it—
(i)carries on property rental business, and
(ii)is owned by a member of the venturing group.
(b)references to C (residual) shall be read as a reference to the joint venture company in so far as it—
(i)carries out other non-tax exempt business; and
(ii)is owned by a member of the venturing group.
(7) Sections 125 and 126 as modified by paragraphs 21 and 22 of Schedule 17 shall apply to the joint venture company as if it were a member of the venturing group.
(8) This regulation is subject to regulation 14.