Part 2 Real Estate Investment Trusts
Finance (No 2) Act 2023 (2023 c 30) | Legislation

Part 2 Real Estate Investment Trusts

Amendment of CTA 2010

2

CTA 2010 is amended in accordance with paragraphs 3 to 5.

REITs involving single commercial property

3

(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 metâ€;

(b)     in subsection (3)(b) after “met†insert “or in relation to which condition C is metâ€.

(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.â€;

(b)

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