Schedules
Schedule 4Investment vehicles
Part 2Real estate investment trusts
3REITs involving single commercial property
1
In section 527 (being a UK REIT in relation to an accounting period)—
a
in subsection (2)(b), after “met” insert “or in relation to which condition C is met”
;
b
in subsection (3)(b) after “met” insert “or in relation to which condition C is met”
.
2
In section 529 (conditions as to property rental business)—
a
after subsection (2) insert—
2A
Condition C is that the property rental business involves at least 1 property—
a
the value of which is equal to, or exceeds, £20 million at the relevant time, and
b
which is designed, fitted or equipped for the purpose of being rented, and is rented or available for rent, as a commercial unit.
2B
For the purposes of subsection (2A) the “relevant time” means—
a
where the group or company is a UK REIT and its property rental business previously met conditions A and B, the first day on which at least one of those conditions ceased to be met, or
b
otherwise, entry.
b
in subsection (3), for “and B” substitute “to C”
;
c
in subsection (4), in the words before paragraph (a), for “and B” substitute “to C”
.
3
In section 561—
a
in subsection (3) for “conditions A and B in section 529 (property rental business)” substitute “the property rental business condition”
;
b
after that subsection insert—
3A
For the purposes of this section, and sections 563 and 575, the “property rental business condition” is met if either conditions A and B or condition C in section 529 (property rental business) are met.
4
In section 563 (breach of conditions as to property rental business)—
a
in the heading, for “conditions as to property rental business” substitute “property rental business condition”
;
b
in subsection (1), for “condition A or B in section 529 (property rental business)” substitute “the property rental business condition (see section 561(3A))”
.
5
In section 575 (breach of conditions as to property rental business)—
a
in subsection (1), for “condition A or B in section 529 (property rental business)” substitute “the property rental business condition (see section 561(3A))”
;
b
in subsection (2)—
i
omit the “or” after paragraph (a);
ii
at the end of paragraph (b) insert
, or
c
more than twice in relation to Condition C in that section.
c
in subsection (4), in Rule 2, for “condition A or B in section 529” substitute “the property rental business condition”
.