This is the original version (as it was originally enacted).
(1)This section provides for the calculation of the amount of notional income mentioned in section 538(1).
(2)The calculation is—
(3)“MV” means the total market value of assets which immediately before entry are involved in—
(a)property rental business of the company (in the case of a UK company), or
(b)UK property rental business of the company (in the case of a non-UK member of a group UK REIT),
ignoring any asset of negative market value.
(4)If a percentage of the assets of a member of a group UK REIT is excluded from a financial statement in accordance with section 533(3), that percentage of those assets is to be ignored for the purposes of subsection (3).
(5)“TR” means—
(a)in the case of a UK company, the rate of corporation tax mentioned in section 534(3), and
(b)in the case of a non-UK company, the rate of income tax mentioned in section 538(4).
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