Taxes Consolidation Act 1997 section 705A

Interpretation and application

Section 705A defines the key terms used throughout Part 25A, which governs the taxation of Real Estate Investment Trusts (REITs) and group REITs.

• A REIT is a company that has elected into the regime by notifying Revenue under section 705E and meeting the conditions in section 705B(1); a group REIT is a group whose principal company has given such notice and where both the principal company and the group meet those conditions.
• Aggregate profits are the profits per the company's or group's accounts prepared under relevant accounting standards; aggregate income is those profits adjusted to strip out net gains or losses on revaluation or disposal of investment property and other non-current assets.
• Property profits are the lesser of the aggregate profits and the profits attributable solely to the property rental business; property income is those property profits further adjusted to remove net gains or losses on revaluation or disposal of rental business assets.
• A qualifying investor is an investment undertaking within the meaning of section 739B(1), or a pension scheme, life assurance company, charity, or the National Asset Management Agency as referred to in section 739D(6).