Taxes Consolidation Act 1997 section 705O

Cessation Notice

Section 705O sets out the ways in which a Real Estate Investment Trust (REIT) or group REIT may cease to hold that designation, whether voluntarily or by direction of Revenue.

• A REIT or group REIT may voluntarily cease its designation by giving written notice to Revenue specifying the cessation date, which must be on or after the date of the notice.
• Revenue's authorised officer may, in accordance with section 705M(3), issue a written notice directing that a company or group shall cease to be a REIT or group REIT from a date specified in that notice.
• A REIT or group REIT that is aggrieved by a Revenue-initiated cessation notice may appeal to the Appeal Commissioners within 30 days of the date of the notice.
• The cessation takes effect from the date specified in the relevant notice, whether that notice is given by the company or group itself or by Revenue's authorised officer.