Corporation Tax Act 2010 section 533

Financial statements: supplementary

Section 533 sets out the detailed content requirements for financial statements that a group UK REIT must prepare, including the circumstances in which member-level reporting is required and HMRC's power to make further regulations about those statements.

• Financial statements must show group profits, expenses, pre-tax profits excluding property gains or losses, and asset values — all calculated using international accounting standards and fair value where a choice exists, ignoring liabilities secured against those assets.
• Where the group's property rental profits fall below 80% of total profits, or property-related assets (plus cash and UK REIT shares) fall below 80% of total assets, additional member-by-member reporting is required in the financial statements.
• If a non-group member holds a beneficial interest in a group member (other than the principal company), that percentage of the member's profits, expenses, gains, losses, assets and liabilities must be excluded from the group financial statements.
• HMRC may make regulations specifying further content requirements, prescribing the form of financial statements, and setting the deadline for their submission.