Part 12Real Estate Investment Trusts
Chapter 8Breach of conditions in Chapter 2
561Notice of breach of relevant Chapter 2 condition
1
The principal company of a group UK REIT must notify an officer of Revenue and Customs as soon as reasonably practicable if a relevant Chapter 2 condition ceases to be met in relation to the principal company or (as the case may be) the group.
2
A company UK REIT must notify an officer of Revenue and Customs as soon as is reasonably practicable if a relevant Chapter 2 condition ceases to be met in relation to the company.
3
Each of the following is a “relevant Chapter 2 condition”—
conditions C and D in section 528 (conditions for company),
conditions A and B in section 529 (property rental business),
the condition in section 530 (distribution of profits), and
conditions A and B in section 531 (balance of business).
4
A notification under subsection (1) or (2) must include—
a
the date on which the condition first ceased to be met and the date (if any) on which it was met again,
b
a description of the breach, and
c
details of the steps (if any) taken by the company to prevent a recurrence of the breach.