Part 12Real Estate Investment Trusts

Chapter 10Joint ventures

Supplementary

598Chapter 10: supplementary

1

References in this Chapter to an “equity holder”, in relation to a company, are to a person who—

a

holds ordinary shares in the company, or

b

is a loan creditor of the company in relation to a loan other than a normal commercial loan (as defined by section 162).

2

Percentages of beneficial interest for the purposes of this Chapter are to be determined by reference to beneficial entitlement to profits available for distribution to equity holders.

3

References in this Part to property rental business, in relation to a joint venture company or a company which is a member of a joint venture group, do not include the letting of property by the company to (as the case may be)—

a

the venturing company in respect of the company, or

b

a member of the venturing group in respect of the company.