562Breach of [F1condition C] in section 528 (conditions for company)U.K.
(1)This section makes provision about cases relating to breaches of condition C [F2in section 528] in relation to—
(a)the principal company of a group UK REIT, or
(b)a company UK REIT.
(2)If [F3condition C is] not met—
(a)as a result of the principal company of a group UK REIT becoming a member of another group UK REIT, or
(b)as a result of a company UK REIT becoming a member of a group UK REIT,
the [F4breach is ] to be ignored.
F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)If—
(a)[F6condition C] is not met in relation to an accounting period, and
(b)the case is not one within subsection (2) F7...,
the group or company (as the case may be) is to be treated as having ceased to be a UK REIT at the end of the previous accounting period.
Textual Amendments
F1Words in s. 562 heading substituted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 8(2)
F2Words in s. 562(1) substituted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 8(3)
F3Words in s. 562(2) substituted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 8(4)(a)
F4Words in s. 562(2) substituted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 8(4)(b)
F5S. 562(3)(4) omitted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 4 para. 8(5)
F6Words in s. 562(5)(a) substituted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 8(6)(a)
F7Words in s. 562(5)(b) omitted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 4 para. 8(6)(b)