(1)Subsection (2) applies if the condition in section 530 (distribution of profits) is not met in relation to an accounting period.
(2)The breach is to be ignored; but the amount given by section 565 (“the section 565 amount”) is charged to corporation tax under the charge to corporation tax on income.
(3)The section 565 amount is to be treated as profits of residual business—
(a)of the principal company of the group UK REIT, or
(b)of the company UK REIT,
as the case may be.
[F1(4)Accordingly, it is charged to corporation tax at the main rate of corporation tax.]
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9)No loss, deficit, expense or allowance may be set off against the section 565 amount.
[F4(10) In this section and section 565, “ distribution ” is to be read in accordance with section 530(6A) and (6B). ]
Textual Amendments
F1S. 564(4) inserted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 26
F2S. 564(4) omitted (with effect in accordance with Sch. 1 para. 22 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 1 para. 14(7)
F3S. 564(5)-(8) omitted (with effect in accordance with Sch. 4 para. 26(2) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 4 para. 24
F4S. 564(10) inserted (with effect in accordance with Sch. 4 para. 12 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 4 para. 9(3)