Part 12Real Estate Investment Trusts
Chapter 6Distributions
Attribution of distributions
550Attribution of distributions
1
Subsection (2) applies to—
a
distributions made by the principal company of a group UK REIT, and
b
distributions made by a company UK REIT.
2
The distributions are to be attributed—
a
first, to F1distributions in satisfaction of the condition in section 530 (distribution of profits),
b
second, so far as the company determines, to distribution of amounts which derive from activities of a kind in respect of which corporation tax is chargeable in relation to income,
c
third, to distribution of profits of property rental business (calculated in accordance with section 599),
d
fourth, to distribution of relevant non-chargeable gains, and
e
fifth, to other distributions.
3
In subsection (2)(d) “relevant non-chargeable gains” means—
a
in the case of a group, gains accruing to property rental business of a member of the group, and
b
in the case of a company, gains accruing to property rental business of the company,
which as a result of section 535 are not chargeable gains.