(1)Subsection (2) applies if the condition in section 528A (further condition relating to shares) is not met in relation to an accounting period.
(2)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.
(3)But subsection (2) does not apply if the condition is not met as a result of—
(a)the principal company of a group UK REIT becoming a member of another group UK REIT, or
(b)a company UK REIT becoming a member of a group UK REIT,
and, accordingly, the breach is to be ignored.
(4)This section is subject to section 562C.]
Textual Amendments
F1Ss. 562B 562C inserted (with effect in accordance with Sch. 4 para. 21 of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 18