Taxes Consolidation Act 1997 section 705D

Conditions regarding an accounting period

Section 705D requires a Real Estate Investment Trust (REIT) to continue meeting all qualifying conditions on an ongoing basis after it has elected into the REIT regime.

• Once a company or group has notified Revenue of its REIT status, it must continue to satisfy the qualifying conditions in every subsequent accounting period.
• A single company REIT must continue to meet all of the conditions in section 705B(1) until it formally ceases to be a REIT.
• The principal company of a group REIT must continue to meet the conditions applicable to it, and the group as a whole must continue to meet the group-level conditions, until the group ceases to be a REIT.
• The ongoing obligations are subject to the limited exceptions provided for in subsections (2) and (3) of section 705B, which allow certain temporary breaches to be remedied.