Phil Nicklin (CMS Cameron McKenna Nabarro Olswang) reviews the latest proposed changes to the REIT regime which are a significant improvement on the earlier draft measures.
Schedule 3 to Finance (No.2) Bill 2021/22 (FB 2022) makes changes to the UK REIT regime in CTA 2010 Part 12 namely:
a relaxation of the listing condition for REITs owned by ‘institutional investors’ (para 2);
an amendment to the definition of ‘overseas equivalent of a UK REIT’ for the purposes of the relaxation of the close company condition for REITs owned by institutional investors (para 2);
simplified balance of business profits and assets tests utilising an 80% gateway test; and an exclusion for profits and assets resulting from various planning obligations (paras 3 and 4); and
a relaxation of the holder of excessive rights provisions (commonly known as the ‘10% rule’) for shareholders who are entitled to receive gross ‘property income distributions’ from...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Phil Nicklin (CMS Cameron McKenna Nabarro Olswang) reviews the latest proposed changes to the REIT regime which are a significant improvement on the earlier draft measures.
Schedule 3 to Finance (No.2) Bill 2021/22 (FB 2022) makes changes to the UK REIT regime in CTA 2010 Part 12 namely:
a relaxation of the listing condition for REITs owned by ‘institutional investors’ (para 2);
an amendment to the definition of ‘overseas equivalent of a UK REIT’ for the purposes of the relaxation of the close company condition for REITs owned by institutional investors (para 2);
simplified balance of business profits and assets tests utilising an 80% gateway test; and an exclusion for profits and assets resulting from various planning obligations (paras 3 and 4); and
a relaxation of the holder of excessive rights provisions (commonly known as the ‘10% rule’) for shareholders who are entitled to receive gross ‘property income distributions’ from...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
