Corporation Tax Act 2010

565“The section 565 amount”U.K.

This section has no associated Explanatory Notes

(1)For the purposes of section 564 “the section 565 amount” is found by subtracting D from P.

(2)In the case of a group UK REIT—

  • P is 90% of the group's UK profits (as defined by section 530(2)) arising in the accounting period, and

  • D is the gross amount of those profits distributed in respect of the period [F1within] —

    (a)

    the [F2deadline set by] section 530(1), or

    (b)

    any later [F3deadline set] by an officer of Revenue and Customs.

(3)In the case of a company UK REIT—

  • P is 90% of the company's profits from property rental business arising in the accounting period, and

  • D is the gross amount of those profits distributed in respect of the accounting period [F4within] —

    (a)

    the [F5deadline set by] section 530(4), or

    (b)

    any later [F6deadline set] by an officer of Revenue of Customs.

[F7(4)The definition of “D” in subsections (2) and (3) needs to be read with section 530A (so far as applicable).]

Textual Amendments

F1Word in s. 565(2) substituted (with effect in accordance with Sch. 4 para. 26(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 25(2)(a)

F2Words in s. 565(2) substituted (with effect in accordance with Sch. 4 para. 26(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 25(2)(b)

F3Words in s. 565(2) substituted (with effect in accordance with Sch. 4 para. 26(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 25(2)(c)

F4Word in s. 565(3) substituted (with effect in accordance with Sch. 4 para. 26(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 25(2)(a)

F5Words in s. 565(3) substituted (with effect in accordance with Sch. 4 para. 26(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 25(2)(b)

F6Words in s. 565(3) substituted (with effect in accordance with Sch. 4 para. 26(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 25(2)(c)

F7S. 565(4) inserted (with effect in accordance with Sch. 4 para. 26(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 25(3)