{
  "url": "https://openlegislation.uk/real-estate-investment-trusts-joint-venture-groups-regulations-2007/regulation-11",
  "json_url": "https://openlegislation.uk/real-estate-investment-trusts-joint-venture-groups-regulations-2007/regulation-11.json",
  "legislation": "uksi/2007/3425",
  "legislation_title": "The Real Estate Investment Trusts (Joint Venture Groups) Regulations 2007",
  "legislation_url": "https://openlegislation.uk/real-estate-investment-trusts-joint-venture-groups-regulations-2007",
  "path": "regulation/11",
  "kind": "regulation",
  "number": "11",
  "heading": "Venturing company: financial statements",
  "text": "(1) Where a joint venture group look through notice has been given under regulation 5, a venturing company shall prepare financial statements, in accordance with the Real Estate Investment Trusts (Financial Statements of Group Real Estate Investment Trusts) Regulations 2006, for each of its accounting periods in respect of the joint venture group in respect of which it has given a notice.\n(2) Paragraph 31 of Schedule 17 shall apply to the financial statements required under paragraph (1) with the following modifications.\n(3) References in paragraph 31 shall be construed as follows—\n(a) references to the principal company shall be treated as references to the venturing company,\n(b) references in sub-paragraph (2) to G (property rental business) shall be treated as references to the sum of C (tax exempt) and JVG (property rental business),\n(c) the reference in sub-paragraph (2) to G (residual) shall be treated as a reference to the sum of C (residual) and JVG (residual),\n(d) references to a member of a group shall be treated as references both to the venturing company and to each member of the joint venture group, and\n(e) for sub-paragraphs (5) and (6) there shall be treated as substituted—\n“(5) The financial statements for JVG (property rental business) and JVG (residual) shall exclude that percentage of the income, expenses, gains, losses, assets and liabilities of each member of the joint venture group equalling the percentage of beneficial interest in the joint venture group that is not held by the venturing company.\n(6) For this purpose, the percentage of the beneficial interest shall be determined by reference to beneficial entitlement to profits available for distribution to equity holders.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 2006/2865"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2007/3425/regulation/11",
    "retrieved_at": "2026-10-29T03:40:14.965379+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}