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Finance Act 2006

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Part 4U.K.Real Estate Investment Trusts

IntroductionU.K.

F1103Real Estate Investment TrustsU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1104Property rental businessU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1105Other key conceptsU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1106Conditions for companyU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1107Conditions for tax-exempt businessU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1108Conditions for balance of businessU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

Entering Real Estate Investment Trust RegimeU.K.

F1109NoticeU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1110DurationU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1111Effects of entryU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

F1112Entry chargeU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

Assets etcU.K.

F1113Ring-fencing of tax-exempt businessU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1114Maximum shareholdingU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1115Profit: financing-cost ratioU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

F1116Minor or inadvertent breachU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1117Cancellation of tax advantageU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

F1118Funds awaiting re-investmentU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

ProfitsU.K.

F1119Corporation taxU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

F1120Calculation of profitsU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

F1121Distributions: liability to taxU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

122Distributions: deduction of taxU.K.

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2S. 122 repealed (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1031, Sch. 1 para. 620, Sch. 3 Pt. 1 (with transitional provisions and savings in Sch. 2)

F1123Attribution of distributionsU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Capital gainsU.K.

F1124Corporation taxU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

C13S. 124 applied (with modifications) (1.1.2007) by The Real Estate Investment Trusts (Joint Ventures) Regulations 2006 (S.I. 2006/2866), reg. 13(6) (subject to reg. 14)

F1125Movement of assets out of ring-fenceU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

F1126Movement of assets into ring-fenceU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

F1[F3126A]DemergersU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F3S. 126A inserted (with effect as mentioned in s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), s. 52, Sch. 17 para. 11

F1127InterpretationU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Leaving Real Estate Investment Trust RegimeU.K.

F1128Termination by notice: companyU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1129Termination by notice: CommissionersU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1130Automatic termination for breach of requirementU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1131Effects of cessationU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

Modifications etc. (not altering text)

F1132Early exit by noticeU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

F1133Early exitU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

GroupsU.K.

F1134Group Real Estate Investment TrustsU.K.

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Textual Amendments

F1Ss. 103-134 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(a), Sch. 3 Pt. 1 (with Sch. 2)

135Transfer within groupU.K.

After section 171(2)(d) of TCGA 1992 (transfer within a group: exclusions) insert— “; or

(da)a disposal by or to a company to which Part 4 of the Finance Act 2006 applies (Real Estate Investment Trusts);”.

F4136Availability of group reliefsU.K.

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Textual Amendments

F4S. 136 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(b), Sch. 3 Pt. 1 (with Sch. 2)

F6[F5136A]Connected personsU.K.

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Textual Amendments

F5S. 136A inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 34 para. 8(1) (with Sch. 34 para. 8(2))

F6S. 136A repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(c), Sch. 3 Pt. 1 (with Sch. 2)

MiscellaneousU.K.

137Insurance companiesU.K.

In section 212(1) of TCGA 1992 (annual deemed disposal of holdings of certain assets) after paragraph (b) insert— “, or

(c)shares in a company to which Part 4 of the Finance Act 2006 applies (Real Estate Investment Trusts),”.

F7138Joint venturesU.K.

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Textual Amendments

F7S. 138 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(d), Sch. 3 Pt. 1 (with Sch. 2)

F8139Manufactured dividendsU.K.

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Textual Amendments

F8S. 139 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(e), Sch. 3 Pt. 1 (with Sch. 2)

140Penalties for failure to give notice, etcU.K.

At the end of the second column of the Table in section 98(5) of TMA 1970 (penalties) add—

“Section 106 of FA 2006 as modified by Schedule 17 to that Act.

Section 116 of FA 2006.

Regulations under section 116 of FA 2006.

Regulations under section 122 of FA 2006.

Section 130 of FA 2006.”

F9141Effect of deemed disposal and re-acquisitionU.K.

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Textual Amendments

F9S. 142 repealed (with effect in accordance with s. 1184(1) of the amending Act, 1.4.2010) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(f), Sch. 3 Pt. 1 (with Sch. 2)

F9142InterpretationU.K.

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Textual Amendments

F9S. 142 repealed (with effect in accordance with s. 1184(1) of the amending Act, 1.4.2010) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(f), Sch. 3 Pt. 1 (with Sch. 2)

143Housing investment trusts: repealU.K.

Section 160 of, and Schedule 30 to, FA 1996 (housing investment trusts) shall cease to have effect (and accordingly—

(a)sections 508A and 508B of ICTA shall cease to have effect,

(b)the amendments of section 842(1)(a) and (e) of ICTA effected by paragraph 2(2) of Schedule 30 shall cease to have effect, and

(c)section 842(1AA) of ICTA shall cease to have effect).

GeneralU.K.

F10144RegulationsU.K.

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Textual Amendments

F10S. 144 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(g), Sch. 3 Pt. 1 (with Sch. 2)

145CommencementU.K.

F11(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)Section 143 shall have effect in relation to accounting periods beginning on or after the day on which this Act is passed.

Textual Amendments

F11S. 145(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 483(h), Sch. 3 Pt. 1 (with Sch. 2)

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