Section 528B | Relaxation of section 528A condition for accounting periods 1 to 3

(1)This section relaxes the requirements of section 528A in relation to accounting period 1, accounting period 2 and accounting period 3.

(2)In the case of a group UK REIT, the condition in section 528A is met in relation to accounting period 1, accounting period 2 and accounting period 3 if—

(a)at the end of the relevant period, the shares forming the principal company's ordinary share capital meet the requirement of section 1137(2)(b) (definition of “listed” in relation to shares), or

(b)during the relevant period, shares forming part of the principal company's ordinary share capital are traded on a recognised stock exchange.

(3)In the case of a company UK REIT, the condition in section 528A is met in relation to accounting period 1, accounting period 2 and accounting period 3 if—

(a)at the end of the relevant period, the shares forming the company's ordinary share capital meet the requirement of section 1137(2)(b) (definition of “listed” in relation to shares), or

(b)during the relevant period, shares forming part of the company's ordinary share capital are traded on a recognised stock exchange.

(4)In this section—

“accounting period 2” means the accounting period following accounting period 1,

“accounting period 3” means the accounting period following accounting period 2, and

“the relevant period” means the period consisting of accounting period 1, accounting period 2 and accounting period 3.