Corporation Tax Act 2010 section 584

Meaning of "joint venture company" and "joint venture group"

Section 584 defines the terms "joint venture company" and "joint venture group" for the purposes of the UK REIT rules on property rental business.

• A joint venture company is a single company carrying on property rental business in which a UK REIT (or a member of a group UK REIT) holds an interest
• A joint venture group is a group of companies, one or more of which carry on property rental business, in which a UK REIT (or a member of a group UK REIT) holds an interest
• The key condition for both definitions is that an interest in the joint venture must be held by either a company UK REIT or one or more members of a group UK REIT
• These definitions determine which joint venture arrangements fall within the special UK REIT tax rules for property rental business