Section 568 — Corporation Tax Act 2010: Breach of balance of business conditions after accounting period 1

Breach of balance of business conditions after accounting period 1 568 1 If—

a condition A in section 531 (balance of business: profits) is not met in relation to an accounting period other than accounting period 1, but b the profits of property rental business of the UK REIT in question are at least 50% of its aggregate profits for the period, the breach is to be ignored.

2 If—

a condition B in section 531 (balance of business: assets) is not met in relation to an accounting period other than accounting period 1, but b the sum of the values mentioned in section 531(5)(a) and (b) is at least 50% of the total value of assets held by the UK REIT, the breach is to be ignored.

3 Subsections (1) and (2) are to be read in accordance with section 531.