Part 12

Real Estate Investment Trusts
Chapter 8

Breach of conditions in Chapter 2

Breach of balance of business conditions after accounting period 1
568
1
If—
a
condition A in section 531 (balance of business: profits) is not met in relation to an accounting period other than accounting period 1, but
b
the profits of property rental business of the UK REIT in question are at least 50% of its aggregate profits for the period,
the breach is to be ignored.
2
If—
a
condition B in section 531 (balance of business: assets) is not met in relation to an accounting period other than accounting period 1, but
b
the sum of the values mentioned in section 531(5)(a) and (b) is at least 50% of the total value of assets held by the UK REIT,
the breach is to be ignored.
3
Subsections (1) and (2) are to be read in accordance with section 531.
Words in s. 568(2)(b) substituted (with effect in accordance with Sch. 4 para. 32(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 4 para. 31