SCHEDULE 19 Real Estate Investment Trusts: UK REITs which Invest in Other UK REITs
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 19 Real Estate Investment Trusts: UK REITs which Invest in Other UK REITs

Section 39

1

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

2

(1)     Section 530 (condition as to distribution of profits) is amended as follows.

(2)     For subsection (1) substitute—

“(1)     In the case of a group UK REIT, the condition in this section is met in relation to an accounting period if—

(a)     so much of the group's UK profits arising in the period as are UK REIT investment profits (see section 549A), and

(b)     at least 90% of the rest of the group's UK profits arising in the period,

are distributed by the principal company of the group on or before the filing date for the principal company's tax return for the period (see paragraph 14 of Schedule 18 to FA 1998).â€

(3)     For subsection (4) substitute—

“(4)     In the case of a company UK REIT, the condition in this section is met in relation to an accounting period if—

(a)     so much of the profits of the company's property rental business arising in the period as are UK REIT investment profits (see section 549A), and

(b)

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