Section 562C — Corporation Tax Act 2010: Breach of further condition relating to shares in accounting periods 1, 2 and 3

Breach of further condition relating to shares in accounting periods 1, 2 and 3 562C 1 Subsection (2) applies if the condition in section 528A, as relaxed by section 528B, is not met in relation to accounting period 1, accounting period 2 and accounting period 3.

2 The group or company (as the case may be) is to be treated as having ceased to be a UK REIT at the end of accounting period 2.

3 But subsection (2) does not apply if the condition, as relaxed, is not met as a result of—

a the principal company of a group UK REIT becoming a member of another group UK REIT, or b a company UK REIT becoming a member of a group UK REIT, and, accordingly, the breach is to be ignored.

4 In this section “ accounting period 2 ” and “ accounting period 3 ” have the same meaning as in section 528B.