enables a group of companies which carries on property rental business and which meets requirements specified in Chapter 2 to opt to benefit from exemptions from corporation tax on profits and gains in accordance with Chapter 3, and

imposes liabilities to tax on members of the group and the recipients of distributions made by the principal company of the group.

Chapter 4 deals with some of the consequences of becoming, or becoming a member of, a UK REIT,

Chapters 5, 6 and 7 contain provision relating to (respectively) assets of, distributions made by, and gains arising to a UK REIT,

Chapter 8 contains provision about failure to meet requirements specified in Chapter 2,

Chapter 9 contains provision about ceasing to be, or to be a member of, a UK REIT,

Chapter 10 provides for the application of this Part in relation to property rental business carried on by way of a joint venture, and

Chapter 11 contains miscellaneous provision and definitions.

a group UK REIT (see section 523(5)), or

a company UK REIT (see section 524(5)).