(1)This Part enables a company which carries on property rental business (within the meaning of section 104) and which satisfies the requirements of sections 106 to 108 to opt to—
(a)benefit from exemptions from corporation tax on profits and gains in accordance with sections 119 and 124, and
(b)have liabilities to tax imposed on the company and the recipients of distributions made by the company in accordance with sections 112, 121 and 122.
(2)This Part makes similar provision in relation to groups of companies (sections 134 to 136 and Schedule 17).
(3)A company or group to which this Part applies may be referred to as a Real Estate Investment Trust.