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    this is the paragraph from the slimes own report

    Posted by Desperate Dan on 16/5/2018, 12:59:48

    is this the smoking gun?

    4d REIT compliance

    The Group converted to a group REIT on 31 December 2014. As a result, the Group no longer pays UK corporation tax on the profits
    and gains from qualifying rental business in the UK provided it meets certain conditions. Non-qualifying profits and gains of the Group
    continue to be subject to corporation tax as normal. In order to achieve and retain group REIT status, several entrance tests had to be
    met and certain ongoing criteria must be maintained. The main criteria are as follows:

    - at the start of each accounting year, the value of the assets of the property rental business plus cash must be at least
    75% of the total value of the Group's assets;
    - at least 75% of the Group's total profits must arise from the property rental business; and
    - at least 90% of the Group's UK property rental profits as calculated under tax rules must be distributed.

    The directors intend that the Group should continue as a group REIT for the foreseeable future, with the result that deferred tax is no
    longer recognised on temporary differences relating to the property rental business.

      Re: this is the paragraph from the slimes own report

      Posted by The Questioner on 16/5/2018, 19:07:23, in reply to "this is the paragraph from the slimes own report"

      Sadly not - most property companies are REIT's .

      Re: this is the paragraph from the slimes own report

      Posted by Godders on 16/5/2018, 14:53:03, in reply to "this is the paragraph from the slimes own report"

      Sorry but that's like double dutch to me.

      What does that mean in layman's terms please?

        Re: this is the paragraph from the slimes own report

        Posted by Nearly a Genius on 16/5/2018, 14:54:56, in reply to "Re: this is the paragraph from the slimes own report"

        They wriggle out of paying as much tax as they can.

          Re: this is the paragraph from the slimes own report

          Posted by Buzzard on 16/5/2018, 15:28:23, in reply to "Re: this is the paragraph from the slimes own report"

          using a legal system set out in UK law.

          So it would appear it is above board by shifting the payment of tax to it's shareholders, rather than paying the tax themselves???

          i guess their shareholders get the benefit of a much larger dividend. How many of the directors are large shareholders?

          Re: this is the paragraph from the slimes own report

          Posted by RADSB on 16/5/2018, 14:54:51, in reply to "Re: this is the paragraph from the slimes own report"

          Morals 0 C&R 1

          Re: this is the paragraph from the slimes own report

          Posted by YorksHatter on 16/5/2018, 13:48:25, in reply to "this is the paragraph from the slimes own report"

          From a brief look at REITs does it not mean that tax is instead payed by the Shareholders as a result of point three "at least 90% of the Group's UK property rental profits as calculated under tax rules must be distributed"

            Re: this is the paragraph from the slimes own report

            Posted by Meltdown on 16/5/2018, 14:04:54, in reply to "Re: this is the paragraph from the slimes own report"


            Bottom line is that they use every loophole to avoid paying tax. Looks like they paid under half of one percent tax on almost 30 million GBP profit last year.

            For every million they make, they pay about 3 grand in tax.

              Re: this is the paragraph from the slimes own report

              Posted by Desperate Dan on 16/5/2018, 13:56:17, in reply to "Re: this is the paragraph from the slimes own report"

              Shares in property companies often trade at a discount to net asset value and perform like equities in the short term. However, they are relatively inefficient in tax terms, as investors are effectively taxed twice on the profits of the company. The company is subject to corporation tax on income and capital gains, and investors are also subject to tax on dividends received and the proceeds of sale of shares in line with the position of other shares.

              Therefore, conversion to REIT status can carry substantial tax benefits. REITs are essentially companies or groups of companies that manage a portfolio of real estate to earn profits for shareholders, and their special tax status means that they pay no corporation tax on the profits of their rental business, but they need to comply with a number of conditions set out in tax law.

                Re: this is the paragraph from the slimes own report

                Posted by Desperate Dan on 16/5/2018, 13:52:24, in reply to "Re: this is the paragraph from the slimes own report"

                KEY FACTS ABOUT REITS
                REITs must pay out 90% of their property income to shareholders every year.
                Dividends from REITs are treated as property income to the investor, and are taxed accordingly. These dividends are subject to a withholding tax at basic rate income tax, except for certain classes of investors who can register to receive gross rather than net payments. These include charities, UK companies, and pension funds.
                REIT shares can be held in ISAs and Child Trust Funds (CTFs), and the managers of these can receive gross distributions, making these highly tax efficient.
                REITs must be primarily engaged in property investment, rather than in development or other non-property related activities.
                As REITs are all listed property companies, investments in them are generally very liquid.

              Re: this is the paragraph from the slimes own report

              Posted by Cybermat on 16/5/2018, 13:42:55, in reply to "this is the paragraph from the slimes own report"

              Certainly worth exploring. Even raising the issue of tax can be incendiary these days.

                Re: this is the paragraph from the slimes own report

                Posted by Don Logan on 16/5/2018, 13:08:46, in reply to "this is the paragraph from the slimes own report"

                Brilliant!!!

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