Finance Act 2006 (c. 25)

Part 4 U.K. Real Estate Investment Trusts

Introduction U.K.

103 Real Estate Investment Trusts U.K.

(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 [F1 and 121 and regulations made under section 973 of ITA 2007] .

(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.

Textual Amendments

F1 Words in s. 103(1)(b) substituted (6.4.2007 with effect as mentioned in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1027, Sch. 1 para. 616 (with transitional provisions and savings in Sch. 2)