Finance Act 2014

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Real estate investment trusts

29. (1) The Principal Act is amended—

(a) in section 617(1), by substituting the following for paragraph (c)(ii):

“(ii) is not—

(I) an authorised investment company (within the meaning of Part XIII of the Companies Act 1990 ) that is an investment undertaking (within the meaning of section 739B), or

(II) a Real Estate Investment Trust (within the meaning of section 705A) or a member of a group Real Estate Investment Trust (within the meaning of section 705A),”,

(b) in section 705E—

(i) by inserting the following after subsection (3):

“(3A) (a) Where at any time a company becomes a member of a group subsequent to the date of a notice given under subsection (2) by the principal company of that group, the principal company shall give an amended notice to the Revenue Commissioners within the period of 30 days after the date on which that company became a member of the group.

(b) An amended notice under this section is a notice in writing—

(i) specifying a date from which that company is to be a member of the group REIT, which date shall not be a date earlier than the date of the amended notice, and

(ii) containing a statement that each of the conditions in paragraph (b) of section 705B(1) in relation to the group REIT is reasonably expected to be met at the end of the accounting period in which the principal company gives the amended notice.

(c) An amended notice shall list all of the members of the group, to each of which the group REIT designation will apply.

(d) Where the principal company does not, in accordance with this subsection, give to the Revenue Commissioners an amended notice, the provisions of section 705O shall apply as if the group REIT had given a notice under subsection (1) of that section specifying the date at the end of the period specified in paragraph (a) as the date from which it would cease to be a group REIT.”,

and

(ii) in paragraph (a) of subsection (4), by substituting “this section” for “subsection (3) ”,

and

(c) in section 705G, by inserting the following after subsection (2):

“(3) Notwithstanding Chapter 4 of Part 8, that Chapter shall apply to a deposit (within the meaning of that Chapter) to which a REIT or a member of a group REIT is for the time being entitled as if such deposit were not a relevant deposit within the meaning of that Chapter.”.

(2) Subsection (1)(a) shall apply as respects any disposal on or after 23 October 2014.