Mr. Patrick Davitt:

Quite a number of landlords do. The issue for them is that they are paying the 25% tax rate for companies. In addition, there is another surcharge that is applied, which stands at 20%, so the effective tax rate comes out at over 40% if they are operating through a company. In addition, if they are trying to take out directors’ fees, there is a limit on what they can take out as that is an allowable tax deduction, so the maximum they can take out is 10% of the gross rent.