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8.—(1) This regulation applies to a company and a non-UK resident joint venture company to which these Regulations apply.
(2) Paragraph 32 of Schedule 17 shall apply with the following modifications—
(a)references to the company shall be read as references to the non-UK resident joint venture company to which these Regulations apply;
(b)sub-paragraph (7) shall apply as if—
(i)the reference to a “UK resident member of a group to which Part 4 applies” was read as a reference to the UK resident company to which these Regulations apply, and
(ii)for “which represents (wholly or partly and directly or indirectly) profits of UK property rental business of a non-UK resident member of the group, such proportion of the dividend as represents those profits” there were substituted “such proportion of the dividend as represents profits of the UK property rental business”.
(3) Section 112 as modified by paragraph 11 of Schedule 17 shall apply to the non-UK resident joint venture company as if the reference in paragraph 11(1)(d) of Schedule 17 to a “non-UK resident member” was read as a reference to a non-UK resident joint venture company to which these Regulations apply.
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