(1) This section applies where a REIT or group REIT, as the case may be, pays a property income dividend.
(2) Subject to subsection (3), a shareholder within the charge to corporation tax shall, notwithstanding any other provision of the Tax Acts, be chargeable to corporation tax under Case IV of Schedule D in respect of a distribution referred to in subsection (1).
(3) A property income dividend, received by a company which is a member of a group REIT from a company which is a member of the same group REIT, shall not be chargeable to corporation tax and the property income dividend shall not be taken into account in computing income for corporation tax of the first-mentioned company.
(4) Notwithstanding the provisions of subsection (2), and subject to subsection (3), a shareholder within the definition of 'qualifying company' in section 110(1) shall be chargeable to corporation tax under Case III of Schedule D in respect of a distribution referred to in subsection (1).
(5) Where, but
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