Revenue Note for Guidance

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Revenue Note for Guidance

705C Conditions regarding shares

Summary

This section provides that a REIT must have a simple share structure and the conditions which must be met in relation to the issuing of shares.

Details

(1) Ordinary shares are shares other than preference shares.

Preference shares are shares which have no voting rights and give no rights to a dividend other than a fixed dividend.

(2) This section provides that each share issued by a REIT or a principal company of a group REIT must be an ordinary share or a preference share.

(3) A REIT or principal company of a group REIT may issue only one class of ordinary share.

Relevant Date: Finance Act 2019