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(2) Part 25A of the Act of 1997 is amended in section 705O by substituting the following for subsections (6) and (7):

(a) a company, all of the conditions in section 705B(1) must continue to be met by that company for each accounting period following the specified accounting period until a notice has been issued in accordance with section 705O,

(b) a principal company in respect of a group, the conditions in section 705B(1)(a) must continue to be met by that principal company for each accounting period following the specified accounting period until a notice has been issued in accordance with section 705O, and

(c) a principal company in respect of a group, the conditions in section 705B(1)(b) must continue to be met by that group for each accounting period following the specified accounting period until a notice has been issued in accordance with section 705O.

(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.

A company or group shall not be a REIT or a group REIT, as the case may be, after the date specified in a notice issued in accordance with section 705O to the company or group, as the case may be.

(i) the expiry of the period referred to in section 705I(2) (in this subsection referred to as the “first mentioned period” ) or, if earlier than that expiry, the date specified in a notice given under subsection (1) or (4) of section 705O (in this subsection referred to as the “specified date” ), or

then, the Revenue Commissioners may treat the REIT or group REIT, as the case may be, as having ceased to be a REIT or group REIT at the end of the accounting period immediately prior to the accounting period in which the failure to meet the condition, or make the statement required, began and may apply the provisions of section 705O.

(1) Where a notice is given under subsection (1) or (4) of section 705O, a company or group that has ceased to be a REIT or group REIT is to be treated for corporation tax purposes as having ceased, at the date specified in the notice, to be a REIT or group REIT, as the case may be.