Land’s conversion into a REIT has boosted the company’s net assets
by £1.6bn after eliminating deferred tax.
‘The translation of property performance to shareholder value in turn is
substantially boosted without tax and via higher dividends,’ stated chief
executive Stephen Hester in his review of the company’s quarterly performance.
‘Breadth of investor interest in
REITs, the strengthened competitive
position of quoted REITs as the property vehicle of choice, both support the
prospect of sustained stock valuation gains relative to history.’
However, the company posted a profit on ordinary
activities before taxation of £381m for Q4 2006, compared with £617m a year
earlier, due to goodwill impairment and refinancing charges. The total cost of
converting to a REIT would be £338m, with a net upwards effect of £1.3bn on the
REITs are listed companies owning, managing and earning rental income from
commercial or residential property, which distributes most of its income profits
and in return should be exempt from corporation tax if the legislative
conditions are met.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states