(1) A company shall not be a REIT unless it gives a notice to the Revenue Commissioners under this section.
(2) A group shall not be a group REIT unless a company (in this Part referred to as the “principal company”) which is a member of that group gives a notice to the Revenue Commissioners under this section.
(3) (a) A notice under this section is a notice in writing specifying a date on or after 1 January 2013—
(i) from which the company is to be a REIT, or
(ii) from which the group is to be a group REIT,
being a date that is not earlier than the date of the notice given under subsection (1) or subsection (2), as the case may be, and
(b) the notice shall, in the case of a group REIT, list all of the members of the group, to each of which the group REIT designation will apply.
(3A) (a) Where at any time a company becomes a member of a group subsequent to the date of a notice given under subsection (2) by the principal company of that group, the principal company shall give an amended notice to the Revenue Commissioners within the period of 30 days after the date on which that company became a member of the group.
(b) An amended notice under this section is a notice in writing—
(i) specifying a date from which that company is to be a member of the group REIT, which date shall not be a date earlier than the date of the amended notice, and
(ii) containing a statement that each of the conditions in paragraph (b) of section 705B(1) in relation to the group REIT is reasonably expected to be met at the end of the accounting period in which the principal company gives the amended notice.
(c) An amended notice shall list all of the members of the group, to each of which the group REIT designation will apply.
(d) Where the principal company does not, in accordance with this subsection, give to the Revenue Commissioners an amended notice, the provisions of section 705O shall apply as if the group REIT had given a notice under subsection (1) of that section specifying the date at the end of the period specified in paragraph (a) as the date from which it would cease to be a group REIT.
(4) The date from which a company or group shall be a REIT or a group REIT, as the case may be, shall be the date—
(a) on or after 1 January 2013, as specified in a notice under >subsection (3)<>this section<, and
(b) from which the company or group, as the case may be, meets, or is regarded as having met, the conditions of section 705B.
Inserted by FA13 s41(c). Deemed to have come into force and takes effect on and from 1 January 2013.
Inserted by FA14 s29(1)(b)(i). Comes into operation on 1 January 2015.
Substituted by FA14 s29(1)(b)(ii). Comes into operation on 1 January 2015.