Section 534 — Corporation Tax Act 2010: Profits

Profits 534 1 Profits of property rental business of a UK company which is, or is a member of, a UK REIT are not charged to corporation tax.

2 Profits of UK property rental business of a non-UK member of a group UK REIT are not charged to corporation tax.

3 Profits which—

a arise from the residual business of a UK company which is, or is a member of, a UK REIT, and b are charged to corporation tax, are to be charged at a rate determined without reference to sections 18A and 18B (companies with small profits). 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 If a percentage of the profits of property rental business of a member of a group UK REIT is excluded from a financial statement in accordance with section 533(3), that percentage of those profits is to be treated for corporation tax purposes as profits of residual business of the member.

5 For the purposes of subsections (1) and (2) profits are to be calculated in accordance with section 599.