{
  "url": "https://openlegislation.uk/real-estate-investment-trusts-joint-venture-groups-regulations-2007/regulation-12",
  "json_url": "https://openlegislation.uk/real-estate-investment-trusts-joint-venture-groups-regulations-2007/regulation-12.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/12",
  "kind": "regulation",
  "number": "12",
  "heading": "Venturing company: profit:financing-cost ratio",
  "text": "Section 115 and the regulations made under it shall apply to a venturing company to which these Regulations apply as if for subsection (2) there were substituted—\n“(2) That sum is—\nProfits Financing Costs (external) where—\n(a) Profits means the aggregate of—\n(i) the profits of the tax-exempt business of the venturing company (before the offset of capital allowances, of losses from a previous accounting period and of amounts taken into account under section 120(3)), and\n(ii) the proportion of the profits of the UK business of the joint venture group arising in the accounting period as set out in the financial statements under regulation 9 to which the venturing company is beneficially entitled (before the offset of capital allowances, of losses from a previous accounting period and of amounts taken into account under section 120(3));\n(b) Financing Costs (external) means the aggregate of the amount of the financing costs of the tax-exempt business of the venturing company and of the venturing company’s proportion of the amount of the financing costs of the UK business of the joint venture group but disregarding in both cases—\n(i) financing costs owed by the venturing company to any member of the joint venture group and vice versa, and\n(ii) financing costs owed by one member of JVG (property rental business) to another member as set out in the financial statements under regulation 9; and\n(c) the venturing company’s proportion of the amount of the financing costs of the UK business of the joint venture group, as set out in the financial statements under regulation 9, shall be determined using the same proportion as the proportion of the profits of the principal company of the joint venture group available for distribution to equity holders to which the venturing company is beneficially entitled.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 115 was amended by paragraph 6 of Schedule 17 to the Finance Act 2007."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2007/3425/regulation/12",
    "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."
}