Finance Act 2006 (c. 25)

Part 4 U.K. Real Estate Investment Trusts

Profits U.K.

119 Corporation tax U.K.

(1) Profits arising from the business of C (tax-exempt) shall not be charged to corporation tax.

(2) Profits arising from the business of C (residual) which are charged to corporation tax shall be charged at a rate determined without reference to section 13 of ICTA (small companies rate).

Modifications etc. (not altering text)

C1 S. 119 applied (with modifications) (1.1.2007) by The Real Estate Investment Trusts (Joint Ventures) Regulations 2006 (S.I. 2006/2866), reg. 13(1)(2) (subject to reg. 14)

C2 S. 119(1) applied (1.1.2007) by The Real Estate Investment Trusts (Joint Ventures) Regulations 2006 (S.I. 2006/2866), reg. 7(5)

C3 S. 119(1) applied (with modifications) (31.12.2007) by The Real Estate Investment Trusts (Joint Venture Groups) Regulations 2007 (S.I. 2007/3425), reg. 13(5)

S. 119(1) applied (with modifications) (31.12.2007) by The Real Estate Investment Trusts (Joint Venture Groups) Regulations 2007 (S.I. 2007/3425), reg. 23(5)