....J-REITs can avoid income taxes by deducting distributions from taxable income, as long as they satisfy such
conduit requirements as distributing 90% or more of the distributable income and setting the investment unit holding ratio
of the largest unitholder at 50% or less. This arrangement allows J-REIT investors to practically obtain revenue from their
investments without being subject to income taxes. Accordingly, the distribution yield of J-REITs is maintained at a level
higher than the stock dividend yield.
https://www.jpx.co.jp/english/equities/ ... 191227.pdft. A J-REIT that meets certain requirements (called “conduit requirements”) is allowed to deduct distribution of
profits, etc. from taxable income of the investment corporation. Accordingly, it can practically avoid income taxes and eliminate double taxation of dividend tax, etc. This is also a reason why J-REITs achieve relatively high yields compared to real
estate companies, which deliver dividends after tax
Interesting!
so I'm happy to use that money for something worthwhile rather than it sitting in Lloyds. I'll check some of the other posts as I'm a little confused about how many years you have to pay to get it, so I'll look into that. 
