Section 518 — Corporation Tax Act 2010: Introduction to Part

Introduction to Part 518 1 This Part—

a enables a group of companies which carries on property rental business and which meets requirements specified in Chapter 2 to opt to benefit from exemptions from corporation tax on profits and gains in accordance with Chapter 3, and b imposes liabilities to tax on members of the group and the recipients of distributions made by the principal company of the group.

2 This Part makes corresponding provision in relation to a company which carries on property rental business and which meets requirements specified in Chapter 2.

3 In addition—

a Chapter 4 deals with some of the consequences of becoming, or becoming a member of, a UK REIT, b Chapters 5, 6 and 7 contain provision relating to (respectively) assets of, distributions made by, and gains arising to a UK REIT, c Chapter 8 contains provision about failure to meet requirements specified in Chapter 2, d Chapter 9 contains provision about ceasing to be, or to be a member of, a UK REIT, e Chapter 10 provides for the application of this Part in relation to property rental business carried on by way of a joint venture, and f Chapter 11 contains miscellaneous provision and definitions.

4 In this Part “ UK REIT ” means—

a a group UK REIT (see section 523(5)), or b a company UK REIT (see section 524(5)).