Corporation Tax Act 2010 section 572

Termination by notice: officer of Revenue and Customs

Section 572 deals with the power of HMRC officers to terminate a company's or group's UK REIT status by issuing a written notice, and the right of the company to appeal against that notice.

• An HMRC officer may issue a written notice to a group UK REIT's principal company or a single company UK REIT, causing it to lose UK REIT status, but only in specific circumstances set out in sections 573, 573A, 573B, 574, 575, 576 and 577.
• The notice must state the reason for termination, and the company or group is treated as having left the UK REIT regime at the end of the accounting period before the one in which the triggering event occurred.
• The company receiving the notice has a right of appeal, which must be made in writing to an HMRC officer within 30 days of the date the termination notice was given.
• The effective date of cessation is subject to modifications under sections 573A(8), 573B(9) and 574(3), which may alter the timing in certain specific cases such as breaches of share conditions or balance of business conditions in the first accounting period.