Section 562 | Breach of condition C in section 528 (conditions for company)

(1)This section makes provision about cases relating to breaches of condition C in section 528 in relation to—^F1

(a)the principal company of a group UK REIT, or

(b)a company UK REIT.

(2)If condition C is not met—^F2F3

(a)as a result of the principal company of a group UK REIT becoming a member of another group UK REIT, or

(b)as a result of a company UK REIT becoming a member of a group UK REIT,

the breach is to be ignored.

(3)Repealed^F4

(4)Repealed^F4

(5)If—

(a)condition C is not met in relation to an accounting period, and^F5

(b)the case is not one within subsection (2) ...,^F6

the group or company (as the case may be) is to be treated as having ceased to be a UK REIT at the end of the previous accounting period.