SCHEDULES
SCHEDULE 17Group Real Estate Investment Trusts: modifications
Anti-avoidance
27
In section 132—
a
the reference in subsection (2) to disposal by the company shall be treated as a reference to disposal by a member of the group, and
b
the reference in subsection (3)(a) to C (tax-exempt) shall be treated as a reference to G (property rental business).
28
1
Section 132(2) and (3) shall apply where a UK resident company ceases to be a member of a group to which Part 4 applies if—
a
Part 4 had applied to the group for a continuous period of less than ten years, or
b
the company had been a member of the group for a continuous period of less than ten years.
2
In the application of section 132(2) and (3) by virtue of sub-paragraph (1)—
a
a reference to C (tax-exempt) shall be treated as a reference to the company as a member of G (property rental business), and
b
a reference to the date of cessation shall be treated as a reference to the date on which the company ceases to be a member of the group.
29
1
A direction under section 133(2)—
a
may relate to the group as a whole or to one or more members;
b
may, in particular, alter the effect of this Schedule.
2
In the application of section 133(5), an appeal may be brought by the principal company.