Corporation Tax Act 2010 section 532

Financial statements for group UK REITs

Section 532 sets out the financial statement preparation requirements that the principal company of a group UK REIT must satisfy for each accounting period.

• The principal company must prepare three separate financial statements each accounting period: one for the group's worldwide property rental business, one for the group's UK property rental business, and one for the group's residual (non-property rental) business.
• The group's UK property rental business comprises all property rental business of UK-resident group members plus any UK property rental business carried on by non-UK-resident group members.
• The residual business statement covers everything that is not property rental business, and for non-UK-resident companies this includes their worldwide non-property-rental activities.
• These financial statement requirements also extend to joint venture arrangements, where a joint venture company is treated as a group member, and any non-member percentage of beneficial interest held by parties outside the group is excluded from the statements.