SCHEDULES
SCHEDULE 17Group Real Estate Investment Trusts: modifications
Profits
18
1
In the application of section 121(1)—
a
the reference to a company to which Part 4 applies shall be treated as a reference to the principal company of a group to which Part 4 applies, and
b
the reference to the profits of C (tax-exempt) shall be treated as a reference to amounts shown in the financial statements of G (property rental business) as—
i
the profits of the UK resident members of the group, and
ii
gains accruing to UK resident members of the group.
2
In section 121(5) the reference to a company to which Part 4 applies shall be treated as a reference to the principal company of a group to which Part 4 applies.
3
In the application of section 121(8)—
a
for paragraph (a) substitute—
a
the reference to the principal company of a group to which this Part applies includes a reference to the principal company of G (post-cessation),
b
disregard paragraph (b).