In all these examples, rental profits need to be declared to HMRC.

But local parties would retain their right to occupation and any rental profits, he said.

In becoming a Reit, the company would be required to pass 90 percent of rental profits on to its shareholders.

Currently, it pays shareholders all rental profits and 90 percent of profits made by the rest of the business, which includes property development and management.

The High Court has ruled that the non-principal private residence charge (NPPR) -the second homes tax -is deductible against rental profits.

Klepierre is selling some of its shopping centres and offices while refurbishing and extending other assets to keep rental profits up and drive footfall higher.

In January the High Court ruled that the non-principal private residence charge (NPPR), first introduced in 2009, is in fact deductible against rental profits.