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Corporation Tax Act 2010
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530Condition as to distribution of profits
This section has no associated Explanatory Notes
(1)In the case of a group UK REIT, the condition in this section is met in relation to an accounting period if at least 90% of the group’s UK profits arising in the period are distributed—
(a)by the principal company of the group,
(b)by way of dividend, and
(c)on or before the filing date for the principal company’s tax return for the period (see paragraph 14 of Schedule 18 to FA 1998).
(2)In subsection (1) “UK profits” means the sum of the profits of members of the group as shown in the financial statement under section 532(2)(b) (group’s property rental business in UK).
(3)Subsection (1) is to be ignored so far as—
(a)the condition applies to profits of the property rental business attributable to a member of the group, and
(b)compliance with the condition by the member would (if the condition applied to it) be unlawful as a result of a relevant enactment.
(4)In the case of a company UK REIT, the condition in this section is met in relation to an accounting period if at least 90% of the profits of the company’s property rental business arising in the period are distributed—
(a)by way of dividend, and
(b)on or before the filing date for the company’s tax return for the accounting period (see paragraph 14 of Schedule 18 to FA 1998).
For the purposes of this subsection profits are to be calculated in accordance with section 599.
(5)Subsection (4) is to be ignored so far as compliance with the condition would be unlawful as a result of a relevant enactment.
(6)A distribution that is withheld in order to prevent or reduce a charge to tax arising under section 551 (distribution to holder of excessive rights) is to be treated for the purposes of this section as having been made.
(7)In this section “relevant enactment” means—
(a)an enactment (including Northern Ireland legislation and an Act of the Scottish Parliament), or
(b)an enactment of a jurisdiction outside the United Kingdom if the enactment is prescribed, or is of a kind prescribed, for the purposes of this paragraph in regulations made by the Commissioners for Her Majesty’s Revenue and Customs.
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