Section 568 Breach of balance of business conditions after accounting period 1

United Kingdom

(1)

If—

(a)

condition A in section 531 (balance of business: profits) is not met in relation to an accounting period other than accounting period 1, but

(b)

the profits of property rental business of the UK REIT in question are at least 50% of its aggregate profits for the period,

the breach is to be ignored.

(2)

If—

(a)

condition B in section 531 (balance of business: assets) is not met in relation to an accounting period other than accounting period 1, but

(b)

the F1sum of the values mentioned in section 531(5)(a) and (b) is at least 50% of the total value of assets held by the UK REIT,

the breach is to be ignored.

(3)

Subsections (1) and (2) are to be read in accordance with section 531.

Annotations

F1: Words in s. 568(2)(b) substituted (with effect in accordance with Sch. 4 para. 32(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 31