Marks & Spencer is likely to invest its £4bn property portfolio in a
tax-efficient investment trust when the trusts are introduced by the government
in January 2007.
The retailer’s broker, Morgan Stanley, has advised it of the benefits of
investing in real estate investment trusts, known as REITS, which would free up
cash, which could then either be paid out to shareholders or reinvested in the
core business, The Times reported.
As a further bonus M&S shareholders would also be able to buy shares in
the M&S REIT and receive dividends paid from its tax-free earnings.
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory