(1)Subsection (2) applies if the condition in section 528A, as relaxed by section 528B, is not met in relation to accounting period 1, accounting period 2 and accounting period 3.
(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 accounting period 2.
(3)But subsection (2) does not apply if the condition, as relaxed, 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)In this section “accounting period 2” and “accounting period 3” have the same meaning as in section 528B.]
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