Paragraph 11 Excluded companiesF1

(1)

A company is an “excluded company” for the purposes of paragraph 7(3)(c) if it is any of the following—

(a)

a PAIF;

(b)

a body corporate that is a 51% subsidiary of PAIF;

(c)

a company UK REIT;

(d)

a company that is a member of a group UK REIT;

(e)

a company acting as a trustee of a settlement.

(2)

In this paragraph—

(a)

“PAIF” means a body corporate that is a property AIF for the purposes of Schedule 7A to this Act by virtue of paragraph 2(2) of that Schedule;

(b)

“51% subsidiary” has the same meaning as in the Corporation Tax Acts (see Chapter 3 of Part 24 of CTA 2010);

(c)

“company UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 524(5) of that Act);

(d)

“group UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 523(5) of that Act).

Annotations

F1: Sch. 9A inserted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by Finance Act 2021 (c. 26), Sch. 16 para. 5