Pounds 1bn Reits Tax Boost for Brown ; Property Groups Flock to Join New Scheme

Summary

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GORDON Brown is set to reap a Pounds 1 billion-plus windfall this year from property companies turning themselves into tax-efficient real estate investment trusts (Reits).

The bumper payoff roughly equivalent to the yield from a penny on the top rate of income tax results from the conversion charge firms must pay to turn themselves into Reits.

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Extract

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Pounds 1bn Reits Tax Boost for Brown ; Property Groups Flock to Join New Scheme

By the end of 2007, conversion payments are expected to top Pounds 1 billion f...

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