SCHEDULES
SCHEDULE 17Group Real Estate Investment Trusts: modifications
Leaving Real Estate Investment Trust Regime
23
In sections 128 to 130 a reference to the giving of a notice by or to a company shall be treated as a reference to the giving of a notice by or to the principal company.
24
An appeal under section 129(6) may be made by the principal company.
25
1
Section 131 shall apply in relation to each UK resident company which is a member of the group; for which purpose—
a
a reference to C (tax-exempt) is a reference to the company if or in so far as it is a member of G (property rental business),
b
a reference to C (residual) is a reference to the company if or in so far as it is a member of G (residual), and
c
a reference to C (post-cessation) is a reference to the company as a member of G (post-cessation).
2
Where a percentage of the assets of a member of G (property rental business) is excluded from a financial statement in accordance with paragraph 31(5), the excluded percentage shall be disregarded for the purposes of section 131.
26
1
If a UK resident company ceases to be a member of a group to which Part 4 applies section 131 shall apply to the company as if—
a
references to C (tax-exempt) were references to the company as a member of G (property rental business),
b
references to C (post-cessation) were references to the company after ceasing to be a member of the group, and
c
the reference to C (residual) were a reference to the company as a member of G (residual).
2
Where a percentage of the assets of the company is excluded from a financial statement in accordance with paragraph 31(5), the excluded percentage shall be disregarded in applying section 131 to the company.