Part 12

Real Estate Investment Trusts
Chapter 8

Breach of conditions in Chapter 2

Breach of further condition relating to shares
562B
1
Subsection (2) applies if the condition in section 528A (further condition relating to shares) is not met in relation to an accounting period.
2
The group or company (as the case may be) is to be treated as having ceased to be a
UK
REIT at the end of the previous accounting period.
3
But subsection (2) does not apply if the condition is not met as a result of—
a
the principal company of a group
UK
REIT becoming a member of another group
UK
REIT, or
b
a company
UK
REIT becoming a member of a group
UK
REIT,
and, accordingly, the breach is to be ignored.
4
This section is subject to section 562C.
Ss. 562B 562C inserted (with effect in accordance with Sch. 4 para. 21 of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 18