Paragraph 22

In section 534 (REITs: profits), after subsection (2) insert—

“(3)

Profits which—

(a)

arise from the residual business of a UK company which is, or is a member of, a UK REIT, and

(b)

are charged to corporation tax,

are to be charged at a rate determined without reference to sections 18A and 18B (companies with small profits).”