Property rental business of F (pre-entry) shall be treated for the purposes of corporation tax as ceasing at entry.

Assets which immediately before entry are involved in property rental business of F (pre-entry) shall be treated for the purposes of corporation tax as being sold by F (pre-entry) immediately before entry and reacquired by F (tax-exempt) immediately after entry.

For the purposes of corporation tax, on entry one accounting period of the open-ended investment company shall end and another shall begin.

On entry a new distribution period of the open-ended investment company shall begin.

The sale and reacquisition deemed under paragraph (2) shall not have effect for the purposes of tax in respect of chargeable gains.

For the purposes of CAA 2001, anything done by or to F (pre-entry) before entry in relation to an asset which is deemed under paragraph (2) to be sold and reacquired shall be treated after entry as having been done by or to F (tax-exempt).