- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)Subsection (6) applies if conditions A, B and C are met.
(2)Condition A is that a group or company ceases to be a UK REIT as a result of a notice under section 571.
(3)Condition B is that the group or company had been a UK REIT for a continuous period immediately before cessation of less than 10 years.
(4)Condition C is that, during the post-cessation period, a relevant company, that is to say—
(a)in the case of a group, a member of the group, or
(b)otherwise, the company,
disposes of an asset that was involved in property rental business of the relevant company.
(5)“The post-cessation period” means the period of two years beginning with the date of cessation.
(6)The relevant company’s liability to corporation tax is to be determined without regard to—
(a)any deemed disposal under section 536(2) that resulted in a gain,
(b)any deemed disposal under section 555(2), or
(c)any deemed disposal under section 579(4).
(7)Subsection (6) also applies if—
(a)a company ceases to be a member of a group UK REIT,
(b)either—
(i)the group has been a group UK REIT for a continuous period of less than 10 years, or
(ii)the company has been a member of the group for a continuous period of less than 10 years, and
(c)during the post-cessation period the company disposes of an asset that was involved in its property rental business.
(8)This section has effect in relation to a non-UK member of a group as if references to property rental business were references to UK property rental business.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: