Finance Act 2006 (c. 25)

SCHEDULES

SCHEDULE 17 U.K. Group Real Estate Investment Trusts: modifications

Entering Real Estate Investment Trust Regime U.K.

14 U.K. Section 115 shall apply as if for subsection (2) there were substituted—

“(2) That sum is—

where—

a

Profits means the aggregate of the UK profits of G (property rental business) arising in the accounting period as set out in the financial statement under paragraph 31(2)(b) (before the offset of capital allowances [F1 , of losses from a previous accounting period and of amounts taken into account under section 120(3)]),

b

F2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c

Financing Costs (external) means the amount of the financing costs incurred in respect of the UK business of G (property rental business), excluding financing costs owed by one member of G (property rental business) to another, as set out in the financial statement under paragraph 31(2)(a).”

Textual Amendments

F1 Words in Sch. 17 para. 14 substituted (with effect as mentioned in s. 52(2) of the amending Act) by Finance Act 2007 (c. 11), s. 52, Sch. 17 para. 16(5)(b)

F2 Words in Sch. 17 para. 14 repealed (with effect in accordance with s. 52 of the amending Act) by Finance Act 2007 (c. 11), ss. 52, 114, Sch. 17 para. 16(5)(c), {Sch. 27 Pt. 2(17) Note}