SCHEDULE 3 Real Estate Investment Trusts
Finance Act 2022 (2022 c 3) | Legislation

SCHEDULE 3 Real Estate Investment Trusts

Section 15

1

The amendments made by this Schedule are to Part 12 of CTA 2010 (real estate investment trusts) unless otherwise stated.

Conditions for companies in relation to UK REITs

2

(1)     In section 527 (being a UK REIT in relation to an accounting period)—

(a)     in subsection (2)(aa), at the end insert “(but see subsection (3A))”;

(b)     in subsection (3)(aa), at the end insert “(but see subsection (3A))”;

(c)     after subsection (3) insert—

“(3A)     Subsections (2)(aa) and (3)(aa) do not apply in relation to a period, or to any part of a period, in respect of which condition C in section 528 is met as a result of subsection (3)(b) of that section.”

(2)     In section 528 (conditions for company)—

(a)     in subsection (3)—

(i)     the words from “the shares” to the end become paragraph (a), and

(ii)     after that paragraph insert “, or

(b)     at least 70% of the shares forming the company's ordinary share capital are owned by one or more institutional investors (see sections 528ZA and 528ZB).”;

(b)     after subsection (3) insert—

“(3A)     Subsection (3B) applies where condition

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