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Whether you need a retail space to rent in Leeds or an office to rent in London, we’ve got the commercial property to fit your needs. Or dive into our regeneration projects that are bringing new life to towns and cities around the UK.
Introducing Below The Lights
Below The Lights opened in summer 2024 in the heart of London - under the famous Piccadilly Lights.A unique Spotlight space for immersive events, Below The Lights is a place where brands can create memorable experiences and incredible media campaigns.
About
We build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential.
Our 2023 Impact Report
Our 2023 impact report deep dives into the ways our places and activities are making a difference across the UK. From our economic contributions to the social and sustainable value we deliver, we recognise that the consequences of the actions we take as an organisation are both far-reaching and long-lasting.
The potential of sustainable retail
Sustainable retail has the potential to boost local UK economies by nearly £100m and grow brand revenues by up to 13%.
Investors
Discover the strategy that drives our success, as we create sustainable value for our three types of investor: institutional, private and debt.
Half Year Results 2024
Land Securities Group PLC announced its half year results for the six months ended 30 September 2024 on Friday 15 November 2024
Creating valuable places
We enter the coming year with a renewed sense of clarity and purpose.
Sustainability
We're working to enhance the health of our environment and improve quality of life for our people, customers and communities - now, and for future generations.
Landsec Futures
Landsec Futures is a £20m fund that aims to deliver around £200m of social value by 2030, supporting at least 30,000 people from underrepresented socio-economic backgrounds towards long-term employment. It will also provide the chance to increase the diversity of talent across the industry and in our business.
We are working to Let Nature In
We’re letting nature into the design, development, and management of our spaces. We’re improving biodiversity; promoting health, wellbeing and community engagement by creating green spaces; and creating nature-based solutions to mitigate and adapt to climate change.
Careers
Life at Landsec
We're shining a spotlight on some of the inspirational people that work for us as part of our Life at Landsec series.
Media & Insights
Reverse mentoring for an inclusive future
Earlier this year, nine executive leadership team members (ELT) were each paired with a more junior colleague for a six-month reverse mentoring opportunity.
This summary of the REIT rules is a general overview only of the United Kingdom REIT rules and the implications for Land Securities Group PLC (Landsec) and its shareholders.
It should be regarded as neither comprehensive nor sufficient for making decisions, nor should it be used in place of professional tax advice. Land Securities Group PLC accepts no responsibility for any loss arising from any action taken or not taken by any person using this material.
From 6 April 2019 non-UK residents are subject to UK tax on gains arising from direct or indirect disposals of all types of UK land and interest in UK property rich entities. All UK REITs, including Landsec, are classified as Collective Investment Vehicles (CIVs) for the purposes of these rules and as such the 25% de minimis exemption on indirect disposals of UK property rich companies does not apply.
HMRC’s draft guidance
Tax calculation
For shares held on or before 5 April 2019 shareholders have the option of using a tax base cost of;
The value of Landsec shares at close of business on 5 April 2019 was £9.12.
For shares purchased after 5 April 2019 the tax base costs will be the actual costs.
Double Tax Treaty and other reliefs
Some tax-exempt investors may be exempt from UK capital gains tax, e.g. sovereign wealth funds and overseas pension schemes that meet specific criteria. Shareholders should seek their own advice to determine if this applies to them.
Some non-UK residents may be able to claim relief from UK capital gains tax under the gains article in the relevant double tax treaty (depending on their jurisdiction of residence). Shareholders should seek their own advice to whether this applies to them.
HMRC has electronic copies of all UK double tax treaties.
Reporting and payment deadlines
Where an investor makes a chargeable disposal, they must report this disposal and make a payment on account for any capital gains tax due to HMRC within 30 days.
Gains realised by UK residents should continue to be reported and taxed in the same way.
There have been various events that could be relevant when computing a liability to capital gains tax and require an adjustment to the tax base cost for shares held at those dates:
1) Capitalisation issue (Land Securities PLC)– 30 November 1983
A resolution passed on 30 November 1983, £141,630,386 was capitalised from Reserves to pay up in full at par 141,630,386 unissued Ordinary Shares of £1 each. These shares were distributed as fully paid to Shareholders in the proportion of two new Shares for every five Shares held on 18 November 1983.
As a consequence of the capitalisation the Issued Share Capital increased from 354,075,964 to 495,706,350 Ordinary Shares of £1 each fully paid.
The base cost of each share held immediately after the capitalisation will be 5/7 of the base cost of each share immediately prior to the capitalisation.
2) New holding company (Land Securities Group PLC) added – 6 September 2002
On 6 September 2002 Land Securities PLC was bought by a newly incorporated company, Land Securities Group PLC in consideration for it issuing of new shares in A and B shares in Land Securities Group PLC.
Based on the value of the new shares immediately after issue, the split of the base cost between the two share classes was;
The number of Ordinary Shares in issue for Land Securities Group PLC immediately after was 12.5% lower than for Land Securities PLC immediately before.
Therefore, the tax base cost per share in Land Securities Group PLC will be 99.42% of the tax base cost per share of Land Securities PLC immediately before. (86.99% / 87.5%).
3) Rights Issue - 24 March 2009
The rights issue allowed for five (5) shares to be purchased at an issue price of 270p for every eight (8) shares that were held. Note: If shareholders did not take part in the rights issue the tax base cost would remain the same.
To calculate the total tax base cost:
Assuming participation and no fractions the tax base cost per share will increase to 112.49% of the base cost immediately before.
4) Return of Capital and share consolidation - 28 September 2017
On 28 September 2017 Land Securities Group PLC issued a B Share, valued at 60p, for each existing ordinary share in existence at that time. These shares were immediately cancelled and 60p paid to shareholders.
At the same time there was a 15 for 16 share consolidation (so the metrics for Land Securities Group PLC would remain similar and comparable).
The allocation of base cost was
The 15 for 16 share consolidation reduced the numbers of shares in issue by 6.25% (1/16th)
Therefore the tax base cost per share of the ordinary shares remaining after consolidation will be reduced to 99.95% of the tax base cost immediately before (93.75% / 93.80%).
Note: If there was a fractional share the calculation will be different. See example.
For the purposes of UK taxation there was a rebasing of asset values on 31 March 1982. Below is an example of the tax base cost of a share that has been held since that date.
Figures are rounded to the nearest penny for clarity.
The value (and tax base cost) of each share on 31 March 1982 was 287p.
i) The value of each share in Land Securities PLC after the 30 November 1983 capitalisation issue was 205p per share (5/7 the of previous tax base cost).
ii) The tax base cost of each new A share in Land Securities Group PLC after the 2002 insertion of the new holding company and share consolidation was 204p per share (99.42% of previous tax base cost).
iii) The tax base cost after the 2009 rights issue (assuming participation and no fractions) was 229p per share (112.49% of previous tax base cost).
iv) The value after the 2017 return of capital was 229p per share (204p if did not partake in the rights issue) (99.95% of previous tax base cost).
