SCHEDULES
SCHEDULE 34Real Estate Investment Trusts
Conditions for company
3
1
Section 106 (conditions for company) is amended as follows.
2
In subsection (2), insert at the end “
(subject to section 109 and regulations under section 116)
”
.
3
In subsection (7)(a)(ii)—
a
for “fixed-rate” substitute “
relevant
”
, and
b
omit “(within the meaning of paragraph 2 of Schedule 25 to ICTA (acceptable distribution policy))”.
4
After subsection (7) insert—
7A
For the purposes of Condition 5—
a
“relevant preference share” means a share which is a “relevant preference share” for the purposes of Schedule 18 to ICTA (group relief) or would be but for the fact that it carries a right of conversion into shares or securities in the company, and
b
a share is “non-voting” if it carries no right to vote at a general meeting of the company or if it carries a right to vote which is contingent on the non-payment of a dividend and which has not become exercisable.
5
The amendment made by sub-paragraph (2) is to be treated as always having had effect.
6
The amendments made by sub-paragraphs (3) and (4) have effect in relation to accounting periods ending on or after 22 April 2009.