In a trading statement the group said that it was involved in a dispute with
HMRC over whether it should be allowed to convert to a Reit.
According to the FT
the problem arises over changing the status of Big Yellow’s income
from Schedule D to Schedule A, a necessary requirement to qualify for Reit
Historically Big Yellow, which owns 42 lock-up storage facilities across the
UK, declared its earnings as trading income, which falls within the Schedule D
Given that the company is now mainly property based, chief executive Jimmy
Gibson argued that the group should be able to report earnings as Schedule A
Gibson said: ‘There are inconsistencies in the industry with certain
companies being treated as Schedule A and others as Schedule D. Our competitors
could therefore choose to become Reits, so why can’t we?’
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory