SCHEDULE 4 Real Estate Investment Trusts
Finance Act 2012 (2012 c 14) | Legislation

SCHEDULE 4 Real Estate Investment Trusts

Section 21

Introduction

1

Part 12 of CTA 2010 (real estate investment trusts) is amended as follows.

Being a UK REIT: conditions for company - close companies

2

(1)     Section 525 (becoming a UK REIT: supplementary provision) is amended as follows.

(2)     In subsection (1)(c) for “the conditions†substitute “conditions A, B, C, E and Fâ€.

(3)     In subsection (4)(a) omit “D,â€.

(4)     Omit subsections (5) to (8).

3

In section 527 (being a UK REIT in relation to an accounting period) after subsection (4) insert—

“(5)     Subsections (2)(a) and (3)(a) are also subject to subsections (6) to (8).

(6)     If the accounting period ends during the first 3-year period, condition D in section 528 does not have to be met.

(7)     If the accounting period begins, but does not end, during the first 3- year period, condition D in section 528 only has to be met throughout the part of the accounting period falling after the end of the first 3- year period.

(8)     In subsections (6) and (7) “the first 3-year period†means the period of 3 years beginning with the date specified in the notice given under section 523 or

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