(1)The Treasury may by regulations provide for this Part to apply in relation to property rental business (“the joint venture”) carried on—
(a)jointly by a company to which this Part applies and another person, or
(b)by a person in which a company to which this Part applies has an interest.
(2)The regulations may, in particular, modify or disapply a provision of this Part in its application—
(a)by virtue of this section, or
(b)in relation to a company to which this Part applies where the company also carries on business in relation to which this Part applies by virtue of this section.
(3)The regulations may, in particular, make application of this Part conditional on—
(a)a company to which this Part applies having a minimum percentage interest of a specified kind in the joint venture;
(b)an election by a company to which this Part applies.
[F1(4)Regulations may make provision having retrospective effect in respect of the calendar year in which they are made.]
Textual Amendments
F1S. 138(4) inserted (with effect as mentioned in s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), s. 52, Sch. 17 para. 14