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SCHEDULE 34E+W+S+N.I.Real Estate Investment Trusts

Connected personsE+W+S+N.I.

8(1)Before section 137 (miscellaneous: insurance companies) insert—E+W+S+N.I.

136AConnected persons

(1)If they consider it expedient in the public interest the Treasury may make regulations about the application of this Part to activities or situations which involve, or arise in connection with, a relationship between a REIT company and another person.

(2)In subsection (1) “REIT company” means—

(a)a company to which this Part applies, and

(b)a member of a group to which this Part applies (a “REIT group”).

(3)The regulations may, in particular—

(a)treat a specified person, or a person in specified circumstances, as forming part of a REIT group for specified purposes;

(b)provide for a specified provision which applies in respect of members of a REIT group also to apply, with or without modifications, in respect of a specified person or a person in specified circumstances.

(4)No regulations may be made under this section unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, the House of Commons.

(2)Regulations under section 136A (inserted by sub-paragraph (1)) may make provision in relation to accounting periods ending on or after the date on which the regulations are made.