IFM29030 - Real Estate Investment Trust : Miscellaneous: indirect ownership of property: summary

This table summarises the treatment for different types of entity by reference to the various regime conditions and rules for a UK-REIT.     

Entity holding property	Income and  gains	Property conditions	Balance of business
Member of REIT group	Company REIT: taxable within underlying entity; residual income when received by UK-REIT	Company REIT: Ignored	Company REIT : Value of shares / dividends comprise residual asset / income
Member of REIT group	Group REIT: Arising from qualifying property are tax exempt***	Group REIT: Qualifying property counts	Group REIT : Line-by-line consolidation***
Company with JV notice in place (see IFM30000)	Arising from qualifying property are tax exempt***	Qualifying property counts	Line-by-line consolidation***
AUTs and other non-transparent entities*	Taxable within the underlying entity and treated as residual income for tax purposes when received by the UK-REIT	Ignored	Company REIT or Group REIT interest ≤ 20% : Value of shares / dividends comprises residual asset / income Group REIT : Interest > 20% : Line-by-line consolidation***
Transparent entities**	Arising from qualifying property are tax exempt ***	Qualifying property counts	Company REIT: Value of assets held by entity and income arising to entity count Group REIT : Interest > 20% : Line-by-line consolidation*** Group REIT : Interest ≤ 20% : Value of shares / dividends comprise residual asset / income

JV notice – Joint Venture notice in place

*includes OEICs

**including partnerships & overseas unit trusts – for more information on non-resident unit trusts, see IFM29040.  

***to the extent of the group UK-REITs interest in the entity.