Section 534 | Profits

(1)Profits of property rental business of a UK company which is, or is a member of, a UK REIT are not charged to corporation tax.

(2)Profits of UK property rental business of a non-UK member of a group UK REIT are not charged to corporation tax.

(3)Profits which—^F1

(a)arise from the residual business of a UK company which is, or is a member of, a UK REIT, and^F1

(b)are charged to corporation tax,^F1

are to be charged at a rate determined without reference to sections 18A and 18B (companies with small profits).

(3)Repealed^F2

(4)If a percentage of the profits of property rental business of a member of a group UK REIT is excluded from a financial statement in accordance with section 533(3), that percentage of those profits is to be treated for corporation tax purposes as profits of residual business of the member.

(5)For the purposes of subsections (1) and (2) profits are to be calculated in accordance with section 599.