Corporation Tax Act 2010 section 609

Definitions

Section 609 provides definitions of key terms used throughout Part 12 of the Act, which deals with Real Estate Investment Trusts (REITs).

• "Accounting period 1" means the first accounting period that begins when a company enters the UK REIT regime, whether it is the REIT itself or a member of a REIT group.
• "Company" takes the same broad meaning used in the capital gains tax rules for groups of companies, which includes any body corporate or unincorporated association but excludes partnerships.
• "Market value" follows the standard capital gains tax definition, meaning the price an asset might reasonably be expected to fetch on a sale in the open market.
• These definitions apply consistently across all the REIT provisions in Part 12 of the Corporation Tax Act 2010.