Corporation Tax Act 2010 section 526

Duration of status as UK REIT

Section 526 confirms that UK REIT status, once obtained, continues indefinitely unless formally brought to an end through one of three specified routes.

• Once a group or company becomes a UK REIT, that status persists automatically without the need for renewal or reapplication.
• UK REIT status can only end through one of three defined exit mechanisms set out elsewhere in the legislation.
• The first two exit routes (sections 571 and 572) involve termination by notice — either given by the group or company itself, or by an officer of HMRC.
• The third exit route (section 578) provides for automatic termination where certain fundamental conditions for UK REIT status are breached.