This Practice Note sets out the consequences of a UK real estate investment trust (UK REIT) failing, or ceasing to meet, the conditions or tests required to join, and maintain membership of, the UK’s REIT regime. It covers circumstances in which a UK REIT can be automatically expelled from the regime, when notification of a breach is required and the different implications of a breach. It examines the impact of multiple breaches and discusses the ways a company can exit the UK REIT regime, both voluntarily and involuntarily. Finally, it considers the tax effects of exiting the UK REIT regime. This Practice Note was produced in partnership with Martin Shah of Simmons & Simmons LLP.