Section 582 | Early exit

(1)This section applies if—

(a)a group or a company ceases to be a UK REIT as a result of section 572 or 578, and

(b)the group or company has been a UK REIT for a continuous period immediately before cessation of less than 10 years.

(2)An officer of Revenue and Customs may direct—

(a)that a provision of this Part applies in relation to the group or company with a specified modification, or

(b)that a provision of an enactment relating to corporation tax applies, does not apply or applies with modifications in relation to the group or company.

(3)A direction under subsection (2)(a) may in particular—

(a)alter the time at which the group or company is to be taken to cease to be a UK REIT in accordance with section 572 or 578;

(b)disapply or alter the effect of section 534(1) or (2), 535(1) or 535A.^F1

(4)A direction under subsection (2)(b) may in particular prevent all or a specified part of a loss, deficit or expense from being set off or otherwise used at all or in a specified manner.

(5)In the case of a group, a direction under subsection (2) may relate to the group as a whole or to one or more members.

(6)An appeal may be made—

(a)in the case of a group in relation to which a direction is given, by the principal company of the group,

(b)in the case of a company in relation to which a direction is given, by the company.

(7)On an appeal under subsection (6) that is notified to the tribunal, the tribunal may—

(a)quash the direction,

(b)affirm the direction, or

(c)vary the direction.