Corporation Tax Act 2010 section 585

Meaning of "venturing group" and "venturing company"

Section 585 defines two key terms — "venturing group" and "venturing company" — used throughout the joint ventures chapter of the UK REIT legislation.

• A "venturing group" is a group UK REIT whose principal company has given notice under section 586(1) or section 587(1) to participate in a joint venture
• A "venturing company" is a single-entity UK REIT that has given notice under section 586(2) or section 587(2) to participate in a joint venture
• The distinction depends on whether the REIT operates as a group (with a principal company) or as a standalone company
• In both cases, the REIT must have formally notified HMRC of its intention to enter into a joint venture arrangement