The following Tax guidance note provides comprehensive and up to date legal information covering:
Produced in partnership with Martin Shah of Simmons & Simmons LLP; material originally written by Charles Goddard of Rosetta Tax LLP
In order to be within the regime for Real Estate Investment Trusts (REITs) in the UK, a company or group of companies must meet a number of conditions and tests in each accounting period.
These conditions and tests cover:
a series of basic conditions relating to the status and conduct of the UK REIT (or in the case of a UK group REIT the group’s principal company), and
some more detailed conditions and tests relating to the balance of business of the UK REIT or the UK group REIT and a number of other matters
Detailed analysis of these conditions can be found in Practice Note: UK REITs—the conditions.
This Practice Note considers the consequences of a breach (or series of breaches) of the conditions and tests. Depending on the nature, severity and, in some cases, regularity of the breaches in question, the consequences can range from a financial penalty to the automatic exit from the regime.
The Practice Notes also covers:
the consequence of exit from the regime, and
the methods by which exit can be achieved, including exit by notice
A summary of the UK’s REIT regime is set out in Practice Note: Real estate investment trusts—summary.
Other aspects of the UK REIT regime are
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234