Introduction Overview Chapter 9: Leaving the UK REIT regime Section 574: Notice under section 572: serious breach
1802.This section provides that if an officer of Revenue and Customs thinks a breach of a condition in sections 529 to 531 is so serious that the UK REIT regime should be terminated, the officer may give a notice under section 572 terminating the regime. It is based on sections 116(1) and (3), 129(2) and 134(1) of FA 2006.
1803.Subsection (1) requires the notice to be given by an “officer of Revenue and Customs” rather than by “the Commissioners for Her Majesty’s Revenue and Customs”. See Change 5 in Annex 1.
1804.Subsections (2) and (3) enact regulation 7(4) and (5) of SI 2006/2864. See Change 43in Annex 1.