(1)This section applies (instead of section 573(2) and (3)) if—
(a)a person pays a manufactured dividend as mentioned in section 573(1), and
(b)the manufactured dividend is representative of a dividend which is—
(i)paid by a company to which Part 4 of FA 2006 applies (Real Estate Investment Trusts) in respect of profits of C (tax-exempt), or
(ii)paid by the principal company of a group to which that Part applies in respect of profits of G (property rental business).
(2)This section applies only so far as the manufactured dividend is representative of such a dividend.
(3)The Income Tax Acts apply in relation to the recipient, and persons claiming title through or under the recipient, as if the manufactured dividend were a dividend to which section 121 of FA 2006 applied (distributions treated as UK property business profits).
(4)This section is subject to—
(a)section 583 (manufactured payments exceeding underlying payments), and
(b)section 585 (power to deal with other special cases).