(1) The Treasury may by regulations make provision for exempting single property schemes from section 238(1).
(2) For the purposes of subsection (1) a single property scheme is a scheme which has the characteristics mentioned in subsection (3) and satisfies such other requirements as are prescribed by the regulations conferring the exemption.
(3) The characteristics are—
(a) that the property subject to the scheme (apart from cash or other assets held for management purposes) consists of—
(i) a single building (or a single building with ancillary buildings) managed by or on behalf of the operator of the scheme, or
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