SCHEDULES

SCHEDULE 17Real Estate Investment Trusts

18

In section 531 of ITA 2007 (charities: exemptions)—

a

after subsection (2) insert—

2A

Distributions to which section 121 of FA 2006 (Real Estate Investment Trusts: distributions) applies and which are chargeable to income tax under Part 2 or Part 3 of ITTOIA 2005 are not taken into account in calculating total income so far as they arise in respect of shares vested in a person in trust for a charitable trust or for charitable purposes.

b

in subsection (3), for “and (2)” substitute “ to (2A) ”.