The board of a property investment trust run by Schroders has proposed altering its structure to a more tax-efficient real estate investment trust (Reit) and locate onshore.
All the members of the board have recommended the £285.3m trust be converted to a Reit, which is not liable for income or corporation tax.
The trust is currently domiciled offshore, however, its income tax bills are set to rise as an agreement it holds with HM Revenue & Customs is about to expire.
As the trust is to be domiciled in the United Kingdom rather than Guernsey, the board has proposed Alison Ozanne step down from the board and be replaced Stephen Bligh, a fellow of the Institute of Chartered Accountants in England & Wales.
The proposals are subject to shareholder approval and will be voted on at an extraordinary general meeting on April 28.
If approved the change is likely to take place in May of this year.
