Section 590 | Duration of notice under section 586 or 587

(1)A notice given under section 586(1) ceases to have effect if—

(a)the venturing group ceases to meet either of the 40% tests in relation to the joint venture company, or

(b)the venturing group ceases to be a UK REIT.

(2)A notice given under section 586(2) ceases to have effect if—

(a)the venturing company ceases to meet either of the 40% tests in relation to the joint venture company, or

(b)the venturing company ceases to be a UK REIT.

(3)A notice given under section 587(1) ceases to have effect if—

(a)the venturing group ceases to meet the 40% tests in relation to the joint venture group, or

(b)the venturing group ceases to be a UK REIT.

(4)A notice given under section 587(2) ceases to have effect if—

(a)the venturing company ceases to meet the 40% tests in relation to the joint venture group, or

(b)the venturing company ceases to be a UK REIT.

(5)If a notice under section 586 or 587 ceases to have effect, this Part ceases to apply as mentioned in section 588 or 589 (as the case may be) in relation to the joint venture company or joint venture group.

(6)But section 581 (early exit) continues to apply to a joint venture company or to the members of a joint venture group despite subsection (5).

(7)For the meaning of “the 40% tests” see—

(a)section 586, in the case of a notice given under that section, and

(b)section 587, in the case of a notice given under that section.