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HMRC internal manual

Guidance on Real Estate Investment Trusts

From
HM Revenue & Customs
Updated
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Group conditions and rules: Financial Statements: Joint Ventures

 

A group may be involved in a joint venture carried on via a company. If there is aJoint Venture Look-Through notice in place (see GREIT13025),then the group (referred to as the venturing group) must include the income, assets etc ofthe joint venture company in the three sets of financial statements in the same way as itdoes for the same items for companies that are members of the venturing group (regulation12 SI 2006/2866).

Single company UK-REITs and joint venture companies

A single company UK-REIT may be involved in a joint venture carried on via a company.If there is a Joint Venture Look-Through notice in place (see GREIT13025),then the company (referred to as the venturing company) is obliged to prepare three setsof financial statements equivalent to those required of the principal company of a GroupREIT (regulation 5 SI 2006/2866).

The venturing company must include the income, assets etc of the joint venture company inthe three sets of financial statements in the same way as the principal company of a GroupREIT would deal with the same items for companies that are members of their group(regulation 12 SI 2006/2866).