Last month the Chancellor introduced a new measure to allow the establishment of ‘Real Estate Investment Trusts’. Trusts, unlike companies don’t have to pay corporation tax.
Now British Land, who own and trade in huge amount of private land including many City offices and out of town shopping sites have, under this new legislation, changed their status from a company to a Trust.
They hold about £18.5 billion in property and have an annual turnover of about £4.8 billion.
As a Trust they can now avoid paying £341million in tax each year!
Their shares rose by 44p on news of this (the greedy bastards).
This at a time when the Government is prepared to spend billions on the ID and National Identity Register scheme to catch those who need fiddle a bit out of the benefits system just to keep some sort of life going.
Now British Land, who own and trade in huge amount of private land including many City offices and out of town shopping sites have, under this new legislation, changed their status from a company to a Trust.
They hold about £18.5 billion in property and have an annual turnover of about £4.8 billion.
As a Trust they can now avoid paying £341million in tax each year!
Their shares rose by 44p on news of this (the greedy bastards).
This at a time when the Government is prepared to spend billions on the ID and National Identity Register scheme to catch those who need fiddle a bit out of the benefits system just to keep some sort of life going.