562BBreach of further condition relating to shares

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.

562CBreach of further condition relating to shares in accounting periods 1, 2 and 3

1

Subsection (2) applies if the condition in section 528A, as relaxed by section 528B, is not met in relation to accounting period 1, accounting period 2 and accounting period 3.

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 accounting period 2.

3

But subsection (2) does not apply if the condition, as relaxed, 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

In this section “accounting period 2” and “accounting period 3” have the same meaning as in section 528B.