xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"

Part 12U.K.Real Estate Investment Trusts

Chapter 1U.K.Introduction

Key conceptsU.K.

520“UK property rental business” of non-UK companiesU.K.

(1)In this Part references to “UK property rental business”, in relation to a non-UK company, are to the company's property rental business in the United Kingdom.

(2)Subsection (3) applies if—

(a)a non-UK company which is a member of a group UK REIT has UK property rental business, and

(b)the profits of that business would be chargeable to income tax under Chapter 3 of Part 3 of ITTOIA 2005.

(3)Profits of the UK property rental business—

(a)are to be treated for the purposes of this Part as if they were (subject to the application of this Part) chargeable to corporation tax, and

(b)are not to be charged to income tax.