REIT Status

Picton converted to a Real Estate Investment Trust (REIT) on 1 October 2018.

A REIT does not pay UK corporation tax on the rental income and capital gains relating to its property rental business.

As a REIT the company is required to distribute at least 90% of its qualifying income profit each year as a Property Income Distribution (PID). The total dividend paid is likely to be a combination of PID and non PID elements.

PID payments will be paid out after the deduction of withholding tax at the basic rate of income tax (currently 20%). Certain types of shareholder, such as ISA holders, will be able to claim an exemption from this deduction.

Shareholders who qualify to receive the PID payments without deduction of withholding tax should complete one of the forms below depending on whether they are the beneficial owner of the shares or an intermediary. The completed form should be sent to the Company's Registrar.

Non PID distributions will not be subject to any deductions and will be paid gross to all shareholders.

For more information on tax implications for shareholders please download a summary here:

Tax implications for shareholders

REIT beneficiary ownership declaration form

REIT intermediary declaration form