Enterprise Inns, the owner of
7,500 pubs, is in talks with HM Revenue &
Customs over the possibility of converting to a
Investment Trust (REIT) without having to split the business in two.
According to reports, the company is hoping the entire group can convert to a
more tax efficient REIT.
To do so would require the company to distribute 90% of profits to
shareholders and it must generate 75% of income from rent.
Discussions with HMRC are focusing on what the definition of rent ‘income’
According to some analysts, if beer sales to tenants are allowed to be
interpreted as a form of rental income, REIT conversion is possible.
Does Darwin's theory apply to taxation? Colin ponders...
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