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.

Where a notice is given under subsection (1) or (4) of section 705O and at the time of the giving of that notice not less than fifteen years have elapsed from the date the REIT or group REIT became such under section 705E(4), the assets of the REIT or group REIT shall be deemed to have been disposed of by the REIT or the members of the group REIT immediately before the cessation date and reacquired by the post-cessation company or members of the group immediately after the cessation date, at the market value on that cessation date.