Revenue Note for Guidance

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Revenue Note for Guidance

705P Effect of cessation


This section provides for the consequences of the cessation designation as a REIT or group REIT.


(1) Where a REIT or group REIT ceases to be designated as such, whether of its own choice by giving a notice to Revenue or by the authorised officer so determining and issuing a notice accordingly, it is to be treated for corporation tax purposes as having ceased to be a REIT or group REIT at the date specified in the notice.

(2) The assets of the REIT or group REIT will be deemed to have been disposed of immediately before the cessation date and reacquired by the post-cessation company or members of the group immediately after the cessation date, at the market value on the cessation date. From 8 October 2019 this subsection shall only apply where at the time of the REIT or group REIT giving notice of cessation that REIT or group REIT has been operating as such for at least 15 years.

Relevant Date: Finance Act 2021