Corporation Tax Act 2010

Income Tax Act 2007

560 (1) Amend section 973 (income tax due in respect of distributions) as follows.

(2) In subsection (1)(b) for “section 121(1) of FA 2006” substitute “section 548(5) or (6) of CTA 2010”.

(3) In subsection (2)—

(a) for “company to which Part 4 of FA 2006 applies (Real Estate Investment Trusts)” substitute “company UK REIT”, and

(b) for “C (tax-exempt)” substitute “the company’s property rental business”.

(4) In subsection (3)—

(a) for “group to which Part 4 of FA 2006 applies” substitute “group UK REIT”, and

(b) for paragraph (b) substitute—

“(b) it is a distribution of amounts shown in the financial statement under section 532(2)(a) of CTA 2010 (statement of group’s property rental business) as—

(i) profits or gains (or both) of UK members of the group, or

(ii) profits or gains (or both) of UK property rental business of non-UK members of the group.”

(5) For subsection (4) substitute—

“(4) In this section—

• “company UK REIT” and “group UK REIT” have the same meaning as in Part 12 of CTA 2010 (see sections 523(5) and 524(5) of that Act),

• “group” and “principal company” have the same meaning as in Part 12 of CTA 2010 (see section 606 of that Act), and

• “property rental business” and “UK property rental business” have the same meaning as in Part 12 of CTA 2010 (see sections 519 and 520 of that Act).”

(6) In subsection (5) for the words from “UK resident” to the end substitute “UK or non-UK company are to be read in accordance with Part 12 of CTA 2010 (see section 521 of that Act).