Part 12

Real Estate Investment Trusts
Chapter 9

Leaving the UK REIT regime

Early exit

Early exit
582
1
This section applies if—
a
a group or a company ceases to be a UK REIT as a result of section 572 or 578, and
b
the group or company has been a UK REIT for a continuous period immediately before cessation of less than 10 years.
2
An officer of Revenue and Customs may direct—
a
that a provision of this Part applies in relation to the group or company with a specified modification, or
b
that a provision of an enactment relating to corporation tax applies, does not apply or applies with modifications in relation to the group or company.
3
A direction under subsection (2)(a) may in particular—
a
alter the time at which the group or company is to be taken to cease to be a UK REIT in accordance with section 572 or 578;
b
disapply or alter the effect of section 534(1) or (2), 535(1) or 535A.
4
A direction under subsection (2)(b) may in particular prevent all or a specified part of a loss, deficit or expense from being set off or otherwise used at all or in a specified manner.
5
In the case of a group, a direction under subsection (2) may relate to the group as a whole or to one or more members.
6
An appeal may be made—
a
in the case of a group in relation to which a direction is given, by the principal company of the group,
b
in the case of a company in relation to which a direction is given, by the company.
7
On an appeal under subsection (6) that is notified to the tribunal, the tribunal may—
a
quash the direction,
b
affirm the direction, or
c
vary the direction.
Words in s. 582(3)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 119