Part 12 Real Estate Investment Trusts

Chapter 4 Entering the UK REIT regime

537 Effects of entry: CAA 2001
(1) Subsections (2) to (4) apply for the purposes of CAA 2001.
(2) The sale and reacquisition deemed under section 536(2)—
(a) does not give rise to allowances or charges, and
(b) does not enable an election to be made under section 198 or 199 of CAA 2001 (apportionment).
(3) Section 536(3) (deemed consideration for sale and reacquisition) does not apply.
(4) Anything done by or to a company which becomes, or becomes a member of, a UK REIT in relation to an asset which is deemed under section 536(2) to be sold and reacquired is to be treated after entry as having been done by or to the company so far as it carries on property rental business.