[452 Real Estate Investment Trusts]
Taxation (International and Other Provisions) Act 2010 (2010 c 8) | Legislation

[REITs]

[452  Real Estate Investment Trusts]

[(1)     This section applies if a company (a “property rental business company”)—

(a)     is a company which has profits for an accounting period which are not charged to corporation tax as a result of section 534(1) or (2) of CTA 2010, or

(b)     is a company to which gains accrue in an accounting period that are not chargeable gains as a result of section 535(1) or (5)[, or section 535A(2),] of CTA 2010.

(2)     In this section “the residual business company” means the company which—

(a)     so far as it carries on residual business, is treated, as a result of section 541 of CTA 2010, as a separate company distinct from the property rental business company, but

(b)     ignoring that section, is in fact the same company as the property rental business company.

[(2A)     In applying subsection (2) and giving effect to the remainder of this section, the company is treated, at all times in the accounting period, as carrying on a residual business within the charge to corporation tax (and, accordingly, amounts falling to be brought into account in the accounting period as a result of this section are within the charge

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