Being a UK REIT: conditions for company - close companies
This section has no associated Explanatory Notes
12(1)Section 577 (multiple breaches of conditions in Chapter 2) is amended as follows.
(2)In subsection (5)(a) for “section 562(2) and (3)” substitute “section 562A(6)”.
(3)In subsection (7)—
(a)in paragraph (b) omit “or D” and “or (5) to (7)”, and
(b)in paragraph (c) for “C to F” substitute “C, E and F”.
(4)After subsection (7) insert—
“(8)In accordance with section 527(6) and (7), a breach of condition D in section 528 during the first 3-year period (as defined in section 527(8)) is also to be ignored for the purposes of this section.”