SCHEDULES
SCHEDULE 4Real estate investment trusts
7Being a UK REIT: conditions for company - close companies
In section 561 (notice of breach of relevant Chapter 2 condition) after subsection (4) insert—
5
The following subsections apply in relation to condition D in section 528.
6
In accordance with section 527(6) and (7), a notification does not have to be given under subsection (1) or (2) if condition D ceases to be met during the first 3-year period.
7
If condition D is not met at the start of the first day after the end of the first 3-year period, for the purposes of subsections (1) to (4) condition D is treated as having ceased to be met at the start of that day.
8
In subsections (6) and (7) “the first 3-year period” has the meaning given by section 527(8).