Section 565 | “The section 565 amount”

(1)For the purposes of section 564 “the section 565 amount” is found by subtracting D from P.

(2)In the case of a group UK REIT—

P is 90% of the group's UK profits (as defined by section 530(2)) arising in the accounting period, and

D is the gross amount of those profits distributed in respect of the period within —

(a)the deadline set by section 530(1), or

(b)any later deadline set by an officer of Revenue and Customs.

(3)In the case of a company UK REIT—

P is 90% of the company's profits from property rental business arising in the accounting period, and

D is the gross amount of those profits distributed in respect of the accounting period within —

(a)the deadline set by section 530(4), or

(b)any later deadline set by an officer of Revenue of Customs.

(4)The definition of “D” in subsections (2) and (3) needs to be read with section 530A (so far as applicable).