{
  "url": "https://openlegislation.uk/real-estate-investment-trusts-joint-ventures-regulations-2006/regulation-3",
  "json_url": "https://openlegislation.uk/real-estate-investment-trusts-joint-ventures-regulations-2006/regulation-3.json",
  "legislation": "uksi/2006/2866",
  "legislation_title": "The Real Estate Investment Trusts (Joint Ventures) Regulations 2006",
  "legislation_url": "https://openlegislation.uk/real-estate-investment-trusts-joint-ventures-regulations-2006",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Conditions",
  "text": "(1) The conditions are as follows.\nCondition 1\nThe venturing company is carrying on a joint venture with another person.\nCondition 2\nThe joint venture takes the form of a company.\nCondition 3\nThe joint venture company is carrying on a property rental business as defined in section 104.\nCondition 4\nThe venturing company is beneficially entitled to 40% or more of the profits available for distribution to equity holders in the joint venture company.\nCondition 5\nThe venturing company is beneficially entitled to 40% or more of the assets of the joint venture company available to equity holders in the event of a winding up.\nCondition 6\nThe property rental business carried on by the joint venture company does not involve property that would fall in accordance with generally accepted accounting practice to be described as owner-occupied.\nCondition 7\nThe joint venture company would satisfy Conditions 1 and 2 in section 108 (conditions for balance of business) if references in that section to—\n(a) the “tax-exempt business” were references to the joint venture company’s property rental business, and\n(b) the “company” were references to the joint venture company.\n(2) For the purposes of Conditions 6 and 7, owner-occupied property includes property held by the joint venture company and occupied by the venturing company.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2006/2866/regulation/3",
    "retrieved_at": "2026-10-29T04:17:13.434804+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."
}