- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (11/07/2023)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 11/07/2023.
Corporation Tax Act 2010, Section 562A is up to date with all changes known to be in force on or before 13 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section makes provision about cases relating to breaches of condition D in section 528 in relation to—
(a)the principal company of a group UK REIT, or
(b)a company UK REIT.
(2)In accordance with section 527(6) and (7), a breach of condition D during the first 3-year period is to be ignored.
(3)If condition D is not met at the start of the first day after the end of the first 3-year period, the group or company (as the case may be) is to be treated as having ceased to be a UK REIT at the end of the first 3-year period.
(4)If condition D is not met at any time after the start of the day mentioned in subsection (3), the group or company (as the case may be) is to be treated as having ceased to be a UK REIT at—
(a)the end of the accounting period preceding the accounting period in which the breach began, or
(b)if later, the end of the first 3-year period.
(5)Neither subsection (3) nor subsection (4) applies if condition D is not met as a result of—
(a)the principal company of a group UK REIT becoming a member of another group UK REIT, or
(b)a company UK REIT becoming a member of a group UK REIT,
and, accordingly, the breach is to be ignored.
(6)Subsection (4) does not apply if—
(a)condition D is not met as a result of anything done (or not done) by a person other than the company in question, and
(b)the company remedies the breach not later than the end of the accounting period after that in which the breach began,
and, accordingly, the breach is to be ignored.
(7)But if, in a case within subsection (6), the breach of condition D is not remedied by the time mentioned in that subsection, the group or company (as the case may be) is treated as having ceased to be a UK REIT at the end of the accounting period in which the breach began.
(8)In this section “the first 3-year period” has the meaning given by section 527(8).]
Textual Amendments
F1S. 562A inserted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 9
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