The starting point for computing the profits of the property rental business that are not chargeable to tax for a REIT company is that a tax computation of property rental business income is made using the normal property income rules for rental profits from UK property of a company, as set out in section 210 CTA 2009 (section 599(2) CTA 2010. Detailed guidance on property business rules can be found in the Property Income Manual (PIM). The rental income is then adjusted for finance costs (see below). For a REIT group the rentals net of interest for each company are aggregated in the financial statements.

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