Section 562C | Breach of further condition relating to shares in accounting periods 1, 2 and 3

(1)Subsection (2) applies if the condition in section 528A, as relaxed by section 528B, is not met in relation to accounting period 1, accounting period 2 and accounting period 3.

(2)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 accounting period 2.

(3)But subsection (2) does not apply if the condition, as relaxed, is not met as a result of—

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

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

and, accordingly, the breach is to be ignored.

(4)In this section “accounting period 2” and “accounting period 3” have the same meaning as in section 528B.