Part 12 Real Estate Investment Trusts

Chapter 9 Leaving the UK REIT regime

Notice to leave regime

572 Termination by notice: officer of Revenue and Customs
(1) If an officer of Revenue and Customs gives a notice in writing—
(a) to the principal company of a group UK REIT, or
(b) to a company UK REIT,
the group or company ceases to be a UK REIT.
(2) An officer of Revenue and Customs may give a notice under subsection (1) only in a case within section 573, 573A,573B, 574, 575, 576 or 577.
Word in s. 572(2) inserted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 10(2)
Word in s. 572(2) inserted (with effect in accordance with Sch. 4 para. 21 of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 19(2)
(3) A notice under subsection (1) must state the reason for it.
(4) If a notice is given under subsection (1)—
(a) the group or company (as the case may be) is to be taken to have ceased to be a UK REIT at the end of the accounting period before the accounting period during which the event occurs (or the last event occurs) which caused the officer to give the notice, and
(b) the company to which the notice is given may appeal.
(5) An appeal under subsection (4)(b) must be made by notice given in writing to an officer of Revenue and Customs during the period of 30 days beginning with the date on which the notice under subsection (1) is given.
(5A) Subsection (4)(a) has effect subject to section 573A(8).
S. 572(5A) inserted (with effect in accordance with Sch. 4 para. 13(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 10(3)
(5B) Subsection (4)(a) has effect subject to section 573B(9).
S. 572(5B) inserted (with effect in accordance with Sch. 4 para. 21 of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 19(3)
(6) Section 574(3) modifies subsection (4)(a) for the case described in section 574(2) (breach of condition B in section 531 in accounting period 1).