{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-9A/paragraph-11",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-9A/paragraph-11.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/9A/paragraph/11",
  "kind": "paragraph",
  "number": "11",
  "heading": "Excluded companies",
  "text": "(1) A company is an “excluded company” for the purposes of paragraph 7(3)(c) if it is any of the following—\n(a) a PAIF;\n(b) a body corporate that is a 51% subsidiary of PAIF;\n(c) a company UK REIT;\n(d) a company that is a member of a group UK REIT;\n(e) a company acting as a trustee of a settlement.\n(2) In this paragraph—\n(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;\n(b) “51% subsidiary” has the same meaning as in the Corporation Tax Acts (see Chapter 3 of Part 24 of CTA 2010);\n(c) “company UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 524(5) of that Act);\n(d) “group UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 523(5) of that Act).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/9A/paragraph/11",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}