by Joe Hope
Helical Plc said on Wednesday it intends to convert to a real estate investment trust from April 1, conditional on shareholder approval.
The property developer said that once he converts, he will be exempted from UK corporation tax on profits from his property activities falling within the rules of real estate investment trusts in the year ending March 31, 2023 and thereafter.
The Company intends to inform the UK Government of its intentions and will seek shareholder approval to replace its existing articles with new ones, to incorporate the necessary changes.
,[Helical’s] The portfolio, with its long-term investment model, facilitates the conversion of company operations to REITs and the UK corporation tax rate has increased from 19% to 25% since April 2023, the board believes. Time is right. Helical to convert to a REIT,” said chief executive Gerald Kaye.
Shares are flat at 432.0 pence as of 0909 GMT.
Write to Joe Hope at [email protected]