Nick Wright explains why business owners should be cautious about holding investment property in a trading company and explores more suitable structures for investing excess profits, balancing tax efficiency, asset protection and long-term succession planning.
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When a profitable trading company starts to accumulate surplus cash, investing in property can appear attractive. However, buying investment property directly within the trading company is not usually advisable.
First, there is asset protection. Trading companies are exposed to commercial risks, including claims from customers, suppliers and lenders. Holding valuable investment property on the same balance sheet means that those assets are potentially available to creditors if the business fails.
Secondly, investment activity can contaminate the company’s status. A company that holds substantial non-trading assets or undertakes significant investment activity risks ceasing to be regarded as a trading company. This can have serious consequences, including the loss of capital gains tax (CGT) reliefs, such as business asset disposal relief (BADR) (TCGA 1992, Pt 5, Ch 3) and gift relief (TCGA 1992, s 165), and also the loss of business property relief (BPR) (IHTA 1984, Pt 5, Ch 1) for inheritance tax (IHT) purposes. For many owner-managed businesses, these reliefs underpin long-term exit and succession planning.
For these reasons alone, property investment should usually be kept out of the trading company.
Why extracting cash personally to invest is often inefficient
An alternative approach is to extract surplus cash as salary or dividends, then reinvest personally or through a new property company. In practice, this is rarely tax-efficient.
Salary extraction triggers income tax and National Insurance contributions (NICs). Dividends avoid NICs but still suffer dividend tax at up to 39.35%. Once that tax leakage has occurred, significantly less capital remains available for investment.
Although this approach achieves separation between the trade and the property investment, the upfront personal tax cost often makes it unattractive unless funds are required personally in any event.
A simple holding company structure
A common solution is to introduce a holding company above the existing trading company by a process known as a ‘share exchange’ (see figure 1). Dividends can then be paid up to the holding company free of corporation tax, and the holding company can use those funds to invest in property, either directly or via a subsidiary property company.
Figure 1:
This structure has clear advantages:
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Excess cash can be moved without personal tax charges.
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Property assets are separated from the trading company.
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Future group planning is simplified.
Furthermore, the implementation of this structure can be achieved without any tax charges. For CGT purposes, TCGA 1992, s 135 allows for the gain to be held over, and FA 1986, s 77 provides relief from stamp duty provided the conditions are met. An HMRC clearance procedure is also available in advance of the transaction to seek their confirmation that the share exchange is not being carried out for tax avoidance purposes.
However, it is important to recognise the limitation in this structure, which is that the shares now held in the holding company are still at risk of failing to qualify for the CGT and IHT reliefs identified above due to the group being ‘tainted’ with non-trading assets.
Lending surplus funds to a separate company
Another option is for the trading company to lend surplus cash to a separate property company owned by the same shareholders. Provided the loan is genuine, documented and on commercial terms, the trading and investment activities are legally separated (see figure 2).
Figure 2:
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K/+R4WKkinZKFaG/uUPjc/9stevRw4+RqUiyS/hj27+XzY7QjeKa/c+8uw7SLY6WZTWprkxinbzUolYIUYiwX2i5CV5imijJhB1LtvPG0l+sUiT+BHYwb16vY3KSwJl1OON4GtD0tbnudhg5aXy4PleEW9Onvpt/CdS5WUccQWed23fHbgkX17ZjnQ9EBcgAAIgUBkCOWVTfiVb5IM+YO8nfSKPeiI0lqiT5ghRXlId+aBXvy38K0aqvFQGQf+UbDP0iayEq0MSr8CMrSw1sjAGVWkoytOTvtI1NJmarKz4LJSoxkcLBERLj+yLJZAev0EABEAgEgK2oBklecaqP4okr0AamfZTIvYBBruDQHxEvy1sE2R0qEtG9fSJiVdgdcuGwukdQ6fhfDwMrpKUKkU7W+5UVnwus+cPycfR3LCZsEWbymaN50AABEDATKBuWV+V1ralOY7vAvYBIRGRBpQO6GwyVWg1aIggH6tRYFqrMqcSWptOEeQS+yTmBaTY5x+aYwv2qFynLlF+Lmm8o9vJVjYuNhUNSMAII3Af1W9+Ocp8PqqHQhOblCjn6WzehPSvjWatWJuZ55hDc0AICIAACERIoF4joiasuPawezs2TJO1pZKtu/TRUiSGbeWVlNG1Y3nREcUZjeJECcqaXMAmgGRQYhiYRJRhjBIlfgTGFTfuG5CRUnrHNuRo3ICcfISKCVSMGhltNj725KHxUD6tdXPK6NKeF1HLfJFpJ5wdbXZIDwIgAALlEtCO471Umr87FsOI9E7cJ7KSkA98TZy+VrOofpmN5pwt+biVzu3IYfB0pB1bfd6KEj8CkxfRqQdpw04k30+z1GvR2GrG0aShunYb9jOogHL+cR96OHk7mM3owyb3eSntC3aOGcEcsJdN8MXqkILOCtOOOpm/lKxPKA1bLiJAAARAoCICPDOlnTCWfLPeUynFItvR2N8netljRqTi5b7V3XNgZMm5L0yb9W5EHjXkoz6dpzf1UVdpCVpfNr/v2D2y8uKQqnoUmDRk0AjSGLZv+rOmPQSi4SMVjachva0jGx7bdm+LSHlJ2bZ6PMUZrLzOuISog3+vRaT1QzoQAAEQiJhAj8NI1pJ8b05lVxm816pUHM14ijFSiaJP1PJyWHlFZnOgZWSEKq8TziKKVFlGWv8o0yV+H1hFFRRLwqfuqiiVP57nYosvvIV8Gf69CGEfki+NGa+SUmJhE5VFaP2PIjr6lLIAXIEACIBANRLwPXlnxKUXn/MP8jVsUmF6GX3ZNqyuMJ1KwKMsbfRFkaVNYKpqWQMrt32slCirbM2p3LSimD5+jb3Pl32thKTnNM4fP4tYeannDx0Ukg0CQAAEQKDaCLRsH3HRaZ/+l7TC/HLTOxb+GLnykpwOG1ZuftUVmXwKjElog0dGzEM7uI8y3nqK7GuWhjxj27JOKTj7n1H4LxQFWt8/9xySIQJAAARAoDoIDImiTywsoPTp3Ceu/D1k2cS2cwulff5/5Pj9+6haoYn1dRJK8k0hCiT2dOF75eHocbHy8WWyGyo2c5f1sUptiu45QC2mRl84ngABEACBOBEoKSLf85Ojz1z6RFlicaaRVsDeiSL06mEqqE1H0sZeYQpKlpukHIFRdn32NtkhekY8XSgvScvZXznlxSVq/Y+Mvlw8AQIgAALxJJDGRhTd+0VfgvSJPJ2o+sTKKC8uURt0TPTlJuiJ5FRgAm3ocQlCYCimdQeYyRtw4BIEQCCJCPB5hNwzJrZCYgzSPsi7fWJrUG5pSavAqO0hlRuFldvcciJ5E6F23JnlJEAUCIAACFQjgUbsuqlr78RVgKcftWN5g3USS/IqMIamnTKeqPQE0XgzVBvyGka+By3e9UH+IAACIBBMQH1kp6UHB8fnnvfpUttO8ck7RrkmtQKj7HqkHZWA/VjiSXnEaTFCimxAAARAIE4ERHmdfG6cMjdkywMHdcaXISgZL5NbgQmxfkcQydpUHEW74l9xzB1ZgwAIgEDsCGjiuklcOMVRtCvv4SmwBK+3VaI9ya/AuFHa2VcSxeMIE7uDtMt4h3uQ26hKcMQjIAACIJAwAtoxo/kE5ENjX56Nz/i64EaiRE1TVrEFybkPzKpRbA7qm/kG0fo/rWKjD+P9Ytq4q4kaNI7+WTwBAiAAAklAwPfNh0QreMNyLESU1piJpLXkI69SRFJHgQWA/vAZ+Rb/FLir1G+vLZ3sl/+TKJM3+EFAAARAIJUJsFso39wvq9QCj8tHjivvIKpXduBwlTJM0MMpMYVoYjH0eCpet5lc23eTt6gcH4imh4i8+YVUsmk7Fa3ZSO4D7KUDyiuIEG5BAARSksCAo6l4/VYq2bKDojp6pbCISjbv8PeJew+knPKSd1V9x6lU8i/Fu3WTOvTS48ojTw67RpGFRvk/n+5sz84iLYNdpvD/vCUu8hYXkzevwO8PzFdWoK+oqOwGVyAAAiCQwgR8B/aRr6SEf/gUFv5Q9+915l6QD+W11+U+MY37RF7nl3MOfYXF5MlnR7+8JEOGPpH4+VSU1FNgm9abOZe+CF9xCbn5JyIxnLUTUXokAgEQAIEkJeDdutlcM6WY2GaAP+IjPSDYV0k3U+aCE3+XMlOIbj54LTc3lwr27S39wqg8LB97a87POUjFPEKDgAAIgEAqEvB4PKpPzN+7J8TrfNTt4ROX8/bsSrk+MSVGYCU8vBXlJZK2Y6t56CtfG9FuV+BRWxEPp4mnIQsLC6lBg9RauFQg8A8IgECtJSDK68ABXrdicUqfaNqzFUWnaEhawlOLxZqdCgoKqGHD1DhSKiVGYAHlJS/LvmWj/CqTEOXFb0RNK8qbCSMcb1++SEUGvmLCpEQwCIAACCQdgYDykorZ1wZvLQrqFKU/lAUv/h3SKxqSOhYtUO30er26clQBSfxP0o/A8vLYUMMgcoBl+cJvxPBSwqXVDvCRK6UiIzwICIAACKQCgaIgIzRtP08hlieB0VkFXaO2v6xvlQ/7VJCkH4G5eG7WKEWX3lBlzxnu7r3JfaT5hNNUeWFGFrgGARCofQSCFVjRxJuq7DnD27odlYxm5+kGSYUP+6TcyLx37176448/aNmyZXTuueeSk03kjWLbv5cynnqgUqeLugceQSVnnG/MTl0vXryY9uzZQ/3796cuXbrwlHIEw7iQXBAAAiAAArEnkM/rU9InLlq0iMaMGUOZmeyA3ChsmJb5xCQ+vJK3DUUpHv6gL55wVchT69evp6VLl9LAgQOpV69efDAIu5lKMkkaBSYv58MPP6QFCxbQxo0bdUwPP/wwjRgxQr8PXMgpoxlPTyEt92AgqMLfJaeeTe6hIyzTDRkyRA+vU6eOUmQnn3wynXbaaZSRkaHH4QIEQAAEEkFg9erV9P7779P8+fNpzZo1epHXXHMNXXDBBfq9fsGW2hnPP0S2XTv0oIouXMNPJNdxfBKHxQf70UcfzdvD/MsrMogYMGAAnXDCCTR69GiqV69eRVknJL5aFZgoqn/+85/q5RgNNYwtdzgcNG/ePGNQ2TVPL2ZMe4Js2zaVhVld8ZeDTD162x9iFUvnnHMObdpknYeU37p1a7rsssvUaNAyAwSCAAiAQAwIyOzTLbfcQsuXL6eDB60/zmV2SD70LcXjpvTp08i+erlltB7IeRSPv5w8PfvqQcaLW2+9NWy/a+NN0a1ataLzzz9f9YvG5xJ9nXAFJhYur7zyCj322GNsFBNiE2PZ/pYtW9KMGTMs4yTQOedLcn77mWW8L6sOFd71iGWcBC5cuJDkiyZSOeqoo1T95SVCQAAEQKCqBKRP/Pjjj+nuu+8m2e8aiZT7Yc8ZOP74ldI++J91VuyZo+DuR9l80dqGb/PmzXT22WdbP2sRKtOLb731FsnMVaIlYQps586d9OSTT9IHH3xQqTbecMMNNH68eZHRmJHG7lQynn2ItKKyOWB3jz5Ucj4fxRJGduzYQWPHjo34j8aYzaBBg0imN9u1a2cMxjUIgAAIRERg3759NG3aNPVBHNEDQYlEychoLZzIeljG0w/wMkuOnsTTvjMVX85GH2FERn1nnHGG2h8bJknY4O7du9MTTzyhbAjCJopxRNwV2P79+2ny5Mn0+eefV7nqkyZNIlmXCits+ul67j+0e/1aanvRleTpd3jYpGKeLwpx9+7dYdNEEjFy5EiSeskoEQICIAACFRGQjcKPPPIITZ8+PeJZqHB5hl0PCzwge7/efJE2L/yVOp0zgdzDzNbXgWTyWzwTXXTRRbRhwwZjcNTXslb20EMPUceOHaN+NtoH4joPJqOtY445JibKSxp2//3305w5c8K2sYQV2JnfLKAzF6ygT7eF3xsh3jcuvvjiKisvqci3335Lxx57LE2ZMoVkKgACAiAAAuEIfPfddzR8+HA15RbpEkq4vCT8ueeeo/feey9sEi8rsAmz5tE5v6yil1eXGccFPyBTl1deeWWVlZfkK8syMtAQ+4bgbVDB5Vb1Pm4jsBNPPJHWrVtX1fpZPn/77bcrU9LgyFNPPZVkETQg7777LrVv3z5wq/8+/vjjdddUemAMLpo0aULyBxpi4hqDvJEFCIBAahM466yzlFl6PFoxbtw4uumm0KnBCy+8kP766y+9yKlTp9LQoUP1+8DFKaecQjKlGWsRN30zZ86M2wxVzBWYrCuJ2Xu8NwYL8HvuuUffrzVx4kRasWJFCP+vv/5aN/mU+d2TTjqpysP2kEKCAt5++221dyIoGLcgAAK1kEBOTg4dccQRcXeU26dPH3rxxRcpYGAmRiEyQxQsxg972RQtH/TxHik9+uijam0tuC5VvY/pFKIMHROhvKTRX3zxBcnXhZjfy0KolfKSdKNGjSIxIBGzUxnWxmLYLvmWJ7K29vLLL5eXBHEgAAK1gMDff/9Nw4YNi7vyEpSy6Vg2Ocss1FdffWWpvCSd9E9Sr5UrV6p9XfFWXlLmbbfdppaAYr3MErMRmCgv2RcQ75GXwEgVueqqq8q1EkqVdqCeIAAC0RNYu3at2vSLY5vK2Mk0qlhvx0piosBkFHT44YdXyhw9Vg1J1nxkkVV2r0NAAARqDwHxYCFbbcTiEGImcO+991p7EjEni+guJgqsb9++eFFhcMt8tLjJgmFHGEAIBoEaSEAMJcS3KiSUgHgSmTt3LjVv3jw0MsqQKq+BiWk7vjLCU5c538GDB4dPgBgQAIEaRUCMuKC8wr9SsUM48sgjwyeIIqZKCkz2DohFC6R8ArLvLJyRSflPIhYEQCDVCIibPEjFBMQQr6pSJQUmJpsBb8VVrUhNf/7666+v6U1E+0Cg1hOQPU9iNg+pmIBsg6qqVEmBiQNKSGQEtmzZQnKmDwQEQKDmEnjzzTdrbuNi3DIx/gt3CkikRVVagR04cKDKhUdayZqQLuBxuia0BW0AARAIJSD/jcsxKJDICMhaWFUVfqUV2KpVqxKyKTgyFKmR6qeffkqNiqKWIAACURMQ13mRHocSdeY19IHFixdXqWWVVmDx8nNYpdYk+cO7du1K8hqieiAAApUlUNXpsMqWm8rPbdu2rUrVtz7RLIIsxTS8vLNoIsgiLknkiIJFixbRHXfcQeJcN5mkRYsWyVQd1AUEQCCGBHr06JGUfaL4g5Wf6667ztK5eQwRRJ1VdnZ21M8YH4jJRmZjhtV9PWHCBHVUwZo1a6hz587VXR2UDwIgAALVSkD26sqZheIPdsiQIdVal1gXXukpxFhXBPmBAAiAAAiAQDQEoMCioYW0IAACIAACSUMACixpXgUqAgIgAAIgEA0BKLBoaCEtCIAACIBA0hCAAkuaV4GKgAAIgAAIREMACiwaWkgLAiAAAiCQNASgwJLmVaAiIAACIAAC0RCAAouGFtKCAAiAAAgkDQEosKR5FagICIAACIBANASgwKKhhbQgAAIgAAJJQwAKLGleBSoCAiAAAiAQDQEosGhoIS0IgAAIgEDSEIACS5pXgYqAAAiAAAhEQwAKLBpaSAsCIAACIJA0BKDAkuZVoCIgAAIgAALREIACi4YW0oIACIAACCQNASiwpHkVqAgIgAAIgEA0BKDAoqGFtCAAAiAAAklDAAosaV4FKgICIAACIBANASiwaGghLQiAAAiAQNIQgAJLmleBioAACIAACERDAAosGlpICwIgAAIgkDQEoMCS5lWgIiAAAiAAAtEQcESTGGlBoNYRKCoiysgwNdv18dvk27mNyOcjcpWQfegxZB84VE/jWbaQXB+9pd/bWrWltMtv0u99BflU8sRkovR0ImcaaWnplPaPf+rxcuE7sI+0Bo1MYbgBARAwE4ACM/PAXS0j4DuwnxVFQ1OrC2+5TCkm8nqIPB7KePgF0uqXpfHu3E7eP37Tn7F16qZfq4viYvLtYAVXKr6MrMCl/7fHTd6tm8xhQXdFd13jV5AO/k/UZqeMyU+a6ulZ8QfZ6jUgrW2HoCdxCwK1h0CNUGC5ubnUuHFjcrlc+pvr0qWLuu7Tpw8tWbJED8dFLSPAIyQZ5ejidlPhdRP0W7nIeOwV0upk62G2Js3Iu2mdfu9jZWNUYLaGjcirx7KeKSo03PGlLWhmXtPM8V4euUUqXF8i/kkztIFDXB/+H/m2b9FzSbvsBrIPKBsFyshQidPJv4LK15/CRU0lIH1hw4YNKT8/X2/i0KH+v4/WrVvTli1lfzt6ghS8qBEKbN++ffyhzF/LFuKTaR5IrSLg/uoT8qxeTt6/V3Hf76bMp98oU2I8otEaNyXf3t06E9+WDaR1O1S/t7XraFJg3q2bydazrx6vNWisX6uLYp5mNEpFCsxnVH/GBw3XQX+3mkw3GoWnGI1ia93eeEslrz9LnsW/qnbb+w4k58ljSOOpTEjtICAKrKSk9CMmqMlebwR/f0HPJOttjVBg7du3p0mTJqkfI2iNv3x//ZX/I4bUSALeLZvI+9cKchx7sql9ri8/JP6vVw/z7d9LWrOW+r2tRWvyGBSYd/NGshkUmNbGrAx8B/frz8qFrWcfcrpL80/PJFF4RrF17kHpN99bFhQ0hahl1/WveRUWkI9/KD+vLK1cyceYKCyeilSSVYfIbvhPlRWmes4fq0Z8WvOy9kmwZ9UyfyyPxDy/zyfHyFNM4zDPol/Ix+Xau/ViNi0COeF3DSGQlZVFL730El166aUhLapJM1KG/ypC2plSAffeey99+OGHtHTpUr3eixYt4vV38wK8HomL1CTAnXvxw3eRd9cOVlL+Dj5YgWnpGeQrR4FpLVoR8RqSiCgzknUmgziGDid7nwE8bZdOmiiPoClAGys4+QknoqC0Lj3DRXN5TrL37h8+3m6nzCf/p9bAxOBDnw4sfUKmLG2duvI62kal5LTseuY6yrRj0LSmrUNnU3muD94gUewy6a7Vq0/OM85jY5ThpjS4SW0Cl1xyCX3yySfqJ9CSmTNnUtOmTQO3Kf/b/F9uijfn559/puzsbJIh8v3330/9+vVL8Rah+p7vvyL7iJPKQPD0nHcLd9xGCVrnsnXsQp6lC/UUnjWrTCMs6aydo8fz9JqsD1mIKC7+qXZhxWlcmwvUR9bj0m+7338rozU2CjGKz122FmwMN1778nP1W1/OQdJEkRvEs+Q3srVsi9GZgUkqXspHff369dVa2EUXXUSnnXZaKjYjbJ0d3l0rwkamWoR0OYtnv0P3/ftBuvvKMfyVXnPaptVpwp1Z81R7JdHXl6fNiqc9Qd4VZYY3mUcdz1Nodn9e3KnbOnfn9a0/9bzdc74ixwmn6/eOo4/nab0OZD/6RNLq8ugkWIJGXMHRKXUvXAJsSiuuZWRS5gvvqDuZYlVrYcZGyRqIweBJorSm5r8t9+zPyxjziDHt4n+YjUSM+dWwa+/eNfxRUDYFncrN07jyK+d+RBdeegVNe/jmmtUnZjYkR+4LZYvXqfyiAnWXiZ3XjybKfaF3IKhG/E4fdjtlHPdwjWiLsRG+3ByzkuG1H9+mDcYk5Fm4gOyHH6mHiYIqEQXGU4W2Vm1ImbvrsTwt2Kuf+jEE1dpLW9deJD9GkTU9e48+5N222b/frBF/HPG0py48gvOu4048IHyvploD9/xbrSvK9Cq/g5om+W+dTN79a2tMs+pzSz45g6jgpTJDpJrQuLTDJlKNmkKsCS+lVrQhL4dcP3xNypCAO9GMR142KTFb917k+W2+jsKz5HeTArMdehhl3PMoaS1ZeQWtT+kP4SIsAa1hY0q77k5/PL8L736zRaN3A3fesgeuVGQdUGvdLnCrfhdPvV9Zcspo2DGE1wyxfmbig5vEEAjasJKYQlFK7SZQeNe15P7sA/Kx8hLxrv9L/Z49ezbt2LGD7IOGqXv5R+PNuna2+jOKlpnlNwmH8jJiqdw1G4DY2nYwPSsWjY7jea2kdI1QaxpkpchTkL7dO/nFedkKdCWVvPGCblBjygg3IBBnAhiBxRlwbc/es3wx2XnEZBT70BHk+fFrPcg98z22+huoTH6ffvppOmP0aEq/62E2IuARVgTrVXPnzqWcnBw69dRT9TxxUXkCWl22SjzzfP45j9fK3Mrc3pibd+1q463/OsjopeTFxyjtgiuJ6himJkOfQggIVIkAFFiV8OFhKwKySdj11jTei+Tf0uA49SxyjjpbT5o2/lIqDCgwHkX5eBpL+RUMpBBDjaBRQSDK6vf3339PmzdvhgKzglOlMDYB4FFYsKst97xvlXWk7CMTcZ7ECyxGYRN+sQItvPVyXpC0s4n+ubwPjT8ugjd4G5/BNQhUggCmECsBDY+UT8Azd7auvCSlh9e7gkXMth2jxlLG46+yr8EXLdey/vWvf9Fzzz1H06dPJ3EJJubAJ598Mv31l3/KUfLs3bs3PfbYYypNmzZtqGvXrnpRO3fuJDEdbtSoEclm96lTp7Ke9Onx+/fvp6OOOop++uknOvLII9XWCz3S4qKIHfv++9//VnmJ67Jx48bRunXr9JTiDeaRRx6hjh07UoMGDWjMmDG0Zo3BGIJTdu/enSSfW265hVq2bKnykvqLrFy5kk4//XTlAqhnz540Y8YMFR7459NPP6VrrrmG5s+fT8OHD6d69erRoEGDaNasWYEk6rdsJznnnHOoWbNm6ufaa68N8cogPGS6dsKECWpfUKdOneiFF3gqsFTGjx9PP/74Y+BW/71nzx7q/fAzyv1Wxn1TycGjafsxhm0OnNLF08P6Bwmvpbm/+czy/eqZ4gIEKkkACqyS4PCYn4CsgXgW/mzCYT/iGNO9fKmL1ZpRMiY9Ts5Tx5KsZ4UTUTCiwH755Rf6/PPPacOGDapjHjhwoO7jTTyt3HDDDSpcFNsff/g3KOfl5ZEoAZlW3L59O8mmdhmljRo1Si9O9guKVwJ5/oknnqAbb7xRjwu+ELc8hx9+OEkHLgpk06ZNNHbsWBoyZIhel759+9Lff/+tOn4pS7wgHHrooXqdJM9t27bR4MGDadiwYbRq1Sr6+uuv6cUXX6QLL7xQ1fWOO+6gjRs30muvvUbnnXceffXVV3pVCgoK6JtvvlHKT7iIgpYp1yuuuEL9DiScOHEiXX311bR+/XqlFN28sVnKNMrWrVupf//+6tm1a9eSbHCdMmUK3XPPPSqZPH/++ecbH1HXUqdnn31WXctamfPCq9Q6pTGh5w+z9xvH8BNMCkz2nbnefo18uQeNj+EaBKImgCnEqJHhASHg/nomyf4rdewHW7XZBwzRwYhrIpkC9G7eoMLEs4V4n6iMyIjpqaee0h8V7wKvv/46vfPOOyQddWZmJs9yOXmpzEHiPicgolykM5aRiEg6m+c//vjjSgnJyOLoo3mvBYt07vPmzavQY8u7775LrVq1oieffFI9J/+cffbZSiFKHd566y06ePAgvfzyy3q8bBpdsGCBUgQrVpTtSbz88svpzDPPVOlkpLZs2TJVdxmB9ejRQ4WLYpSR5/PPP08nnVQ2wtm7d69KL+0REQetUkaHDh3o4osvVqMyY1l16tRRCtLKI83ixYupeXP//i9RtKJQZQT7wAMPKD523l8mjrLr1vWvYxUWFpJM14rSLU/SLvoHlbz/P/LJ++fpYMeIE03JPb/9RG6eQnbP/Ya3QbQl53mXKc8ipkS4AYEICECBRQAJScwEZETlmjFdD5TRlXfjOrK176SHOcaMJ1vTlspxblVM3UeOHKnnGbiQab+KvGnLtJqMtowKRZ6XDlqMPgIKTKbZgjt348hDyrrqqquUEhDFEyyivEQeeughNb0YHC8KSRSTTC+KQhCRKT2jSB6ifAPKKxAn040y4jOK1D+gvALholi7deumFFBgpCVtlKnRgENXUdTBElBegXBRVKKkAvLggw+qKVoZ+YrIlK6MVCsSW5celMFGODKN6F3PU6gGT/9iuej68E1/FhK/dRP7alwABVYRVMRbEoACs8SCQJ2AmEpvXs/K6RA9SNwbiecGZUpdGur+8iNKu+pWPY29R2w2TRpHVYHMxUmzcS0rEB78W47UCYweAnEy0mjbtm3glu0KQmfRL7vsMj1e1qlEJF15ZUp8uBMRrMrQCyi9iCRN8DPGe2PdZDR69913qxGijE5FxLVatCLThRdccIFSapLnf//7X9OaX4X58XsSn41GUacAsOIyivOci4y3an+gfAzJqQEQECiPABRYeXRqcxz715O1LddHfO7UwQMhm43TLrmWih/h9RLppNiTu9o3VE28pPMPHmGIAYWMQsToIlo55hjzGp48L+tM//d//0cyhWkUGeGk8Vldd955p/oJ9v4ta3IykgqMvozPVuZ69erV7KS+2DQKk3U1MRaRciRepiUnT55cmexDnpF1MVHoMo0pRitiSFMV0Zo0Jee5l5L728/VB5D4rQyWkteeZssfj3KY7Dz7IvYkUo5j5OCHcV+rCIR+ftaq5qOx4QgU3XODOlNKlJdI8RPmDlE6HgebT2dMeZbSb7ibbId0C5dV3MNF4QSmy6QzF2UmykYMHWRqTzp8ETFUEKu9yoh03mL4cOWVV5IYiMiIR9bhOrLFoUy7idWeTO2J1aMYn4iII9Vjjz2W3n777coUafmMTHfK9GfA+vH3339XFpTSTlEuUh+pX2DaTywexXKzsiJGJeLRXEZ0t912W2WzKXtOs5EYdWTc/xSl33o/pV17R1kcX4l3FnWcDF+L02bl8SPo7DPTA7ip1QSgwGr16w/feHHeahTfzm0hx3o4R59L4paoukUMGUaMGEFisCCWgtJpy9SjWApKRy7TiDIFNm3aNKXEKlNfGWWJsmjRooUyy5d7MSb57bfflCGJ5ClrXWL5KGtSUp4YfMjISLYAxEp69eqlFPOJJ56ojFdkne/VV1+lm2++WRUh9RKjFLFylJHYgAEDIlq3Kq9+Ymova2+iHGMptkO6+o+rMWTq+tis7O18kKjWoJEhBS5BoIyAduA+Mk9Il8XhKokIxM2ZL48kXO+xxVhRAYn1mC689lV448V+pcXThNSoMWXe9R8iceAKqRYCYgn5yiuvKFP6RFZA1gE//vjjEFP8eNRBjnEpmcaWnjyFKJJ+xxTT+qsYC8nUdfrtD/CJA53iUQXKfbpzjXLmGxdISZApnPkmwUuotiqwh3H35x+S66uP/VXgqR0ae0GZ6x9eV3LyvXflEkq79Ho+3DGt2qqKghNLQKZcZfR41llnqU3SrVu3Tojyklba+w6izGffYm/4f5F71kyT8pJ4ZcHIm6OLH7pLbc2Qk6+t1tEkLaTmE8AUYs1/x9YtFMMHo4cMH5s3s0IzihxboiwLobyMWKrtul27dmRlYBLrConloqwjXn/99crriWwWT7SI9WLa1WVWrVK+TGN7+XBSXfgjjCuq3+Ki9hGAFWKKvnPPL3PJ9QHvp+EDGzNuZGtAPhY+KmEfdY6Rp/jd/pQ+6P7hG/9JxenpUWWFxIkhIGt98hNvEatOMdpINvEs+MFcJTkPjvecGUUMP2xt2huDcF2DCWAEloovl788S/73vHKC69u+hQrv4Sm+csTNvgmLbrqEpwOXmlI5TjnL72CV17hkujBz6mvissKUBjcgkCwEHGeMZ7+ZL+gWr3ImXLAUT7mdiu+/JcR1WXA63NcMAhiBpeB7dPPoi+24y2ruKim7Nlz5dmylosm36CHFzzyoHzWvAllxpd88Se8Q9IS4AIEkJaDVb8jm9+YtHYGqqn2JfOPdzn/3d12j1s/Sb+d9gGKEBKmRBDACS8HXKkeVGMVx4mjjbdk1H1YYLO5Zn5iCqnP/lqkiuAGBKhDw7dlF3g1/m3Kw9x0A5WUiUvNuoMBS7J36cnhjsXH0xfV3HFfqYb24yNQaLbsu2QcfZQrz8pQjBARqGgFfSZH5DLmMTHIce4qpmcr1WdB/O6YEuEk5AlBgKfbKSv77vKnGcq6W+CZ0zXhLHSDoXbPSFO8cc766t3XrRXJ+U9rF15jicQMCNYGArVU7Sr/zIUq/7k51RI+Tz5ojNvLQha0Vi//zLyq672b9lAQ9DhcpS6DGKTDnYZdQ1pn/R2lD/Z4JUvbNhKl48HHuopgKb57Ix5t8yibFbNwRrODqN1CHD6azpaKc3wSJnoC4hDrlFPPXfPS54IlEELCx546Mx6aR4xiz+yz3t1+QLz+XfLu2U/GDd7Chh9lEPxF1QxmxJxAXI4603uMp88yy4zasql3w3lhyrTLvO7JKF22Yo/VgcvY+n7T0ulSy4ImoHtfSsinrnA/JccgJpueK59xDRfMe4tVhv3cAU2QCb8R0nkr8fv1UsWzu7Ogz0HTisW/fHvL8/CPZh/jPu5J0MkKDVJ6AeJkPHEtS+VzwZMII8BYRkxQVkuvjoP4o2m0npgxjc1Pvtt3sSqtJSGaezQuo4P2x5M3dFhKXiABby/5Ud+J83lVusEh2F1HuC73Ju8+8zpiI+pRXRlxGYD72ZO4rYYen8uPK18vXwyTcm1wbEG2Nu1G92/frystXdIDdK/mdsqYf8wDVvW6N3o7qunB/X3Y6r9TBPmAo2Xr24bn/jmVV4k3Hvj07y+5xBQK1nQD7pQw2VpIZCZMErR+b4uJ9w31hoG+Uouxth1Ldm7eSo7N5FBnvakj+Gcc/SnWvWOhXXuzcwJfPfQkrL3JkqD4wbeBViahGxGXEZQTmWvk+yY+IrV4bqnvTZnWd85D/ZFd1w/84Oh1Hzp5nk3f3SnJv/53SDruMiuc/qu7tbY8gZ4+zyNa4qxr5eLb+QiW/PssvOjfwOA8t7PzMJepFa/zV5frr87K4oCsZVaX1Po+07Bbk3fsXFf/2Ann3lO3qr3vF71xZB++t2k75755Fni0LVA6OtsMoc+zbVMBhuki5/S7ick8iGbV5di2nkt+eJ++BDXqSWF/Iyce+DYa2cwH2/oOVz7j0WyYpv4X2w48kOX5CjDcg8SXw5Zdf0qRJk0hOP5ZDMeWYlXvvvVcvdNGiReooF3GsK86F5aBJcSbcoUMHPY0cYPnZZ5+p5wKnHI8ePZqeeeYZ3UGwnhgXlSfAp4GL6b33T/7v9M0XyHnauJC8ih64jX0rdiTnhCtC4uId4Pr7Kyp4+zRVjJbZiLIv/p5szXpT1hmvU87jrdhoy0uZp03jwUABzyo9Tum8POIrKaCi79idFoutSQ9KG3Al2Zt044/uA9wPfkqu5e+o5yTe0eEYnpU6j7y7lpE3Zws5Dz1XKSTPpnlU/MvTfgVVmi79CP/UqmvZdCr8/GryFeeofjF96C3k7HUOlSx8WbJUIn1p+uDryd68D/lYybnXf8fxbCHtdQWSxP133J35GhXYwcnm/RgCJeOExxjSQVYE3OmyP768147ksztyKPtq86ZbISFfA7nPdlcvSdJmX/4b2Xm4axQZ8WnOOuT+ayblv+03L88a8wY5+1xgTMYdv4sKPjqPFe0HZG99OGVf9ouKz33+UFagK8xpWbFR6YhRc2ZRNn+h2Jp0N6fxlFA+T4u6+Y8nHuIoHkS2/Z2ssxZXT3aHUlwaW18R/8hvx6ljeS9MmGesc0KoBYH33ntPnew8e/ZsFSve32+55RZ13pgcmrl371664YYbaMeOHcoTvCSS41Wuu+466tu3rzoMU/IQ10ySVjzVizRt2lT9lmNexGN9bm4u3XjjjbR9+3b64YcfVBz+iTEBdlKt9oUZ9oaJSzXXO7yJXyQtnbx1l5Hbudh/H8d/A1OIrr8+0xWYFGdvdij3f8tUyTn/aaRmgupP4n2frBh87hLuK7l/Wz+b8t9gV2+suDJPeVYpGWNVPTsWU940/sDlZ9IOv5YyT35GffzLBzcD0JOKQhPnxeQp5n7td+5PB7Aj4/WU+8whIdbO+kN84ewyirLGfeAfqRkivAc3Uu6THQwh8bsUZ75xmUKMtspaen2Gto7yXz+aPDuWkGf3cnKteI9BtKOch+pR7tQ2KkutTnNdEaUN5C+OUuWVP30U5fynISukCUp5Gct3yEhOlJfPQ7lPdaKcKVmU/79jGbyTss56hzt63hg55Cb1iNQhRHlJjGG6M/OM//mVF4ep/PgPrGQx//Hb06jOuR+rPy5j+TG7zm8YPis+VJEKC9QBgd7NG5S/OM+yRWx1dbfyHxf+QcRUhoAomZ07d1Lv3r1JzucSZ7cffPCBOpNMjlcRkTPAjjjiCHXES2ZmpjonrEmTJpSfXzalHkgn7qHkKBg5quWtt96iX375pdzTn1UB+KdyBHjd2LSxmZ0AKJdsgdx4jdl2QPqbsk4+EJWo3zL7pItM3wXE5uTvdjuJ/UDhZ/8gW/12lHnqC0p5Ff/0iOoD817oo0Ze9haHsdJir/4GkUFCye8vlKbrzUqrRM2QZV/IH2actygvkeIfHyhXeSlbgXEfKuXl2fwT5TzSiPvCjuQr2MN1ak/1btpkKDW+l0mhwHyuQsp9rge5N81ld9N5Cl7Bxxex4vCS1qgzaXVbk3ud/+tXFJJI5kn+l1Oy8CVyr+HTXWXovOwtTveNiZh6wRxSsuQNNmZoSrbmvdW6nEwjEv8xyBSl/6uEExn/WEy5lN7wSMzZc6y6yX/ndJ4yXK++jgpnXsajSJ7e41GhvQMrx3hInYPR58p7XjxLF0b/HJ4IS0AOkpQDI+XwymCZOHEiTZ8+XQWL0ce3335Ld911lzqrS87rOnDgAP9J8wjAIDKCM4qc3FyvXj0oMCOUOF7Lga0af2DowiMzd8tVfGvwdKNHxufCzn1c+lF38s/dVIeVSeaol1RBJUv5NHR3oanQvFeGKOM377415Ox+plLGvvxdVDT7dtUHeniasPCLa9UzaQMNxyNJCI+yCr+4rjTdcir88jqVzt7uSJNSlxmx8sTRcaT6YJc0MmPmK9yvlk8KPhinHpP+OlHin8tIVGlhyvHu/9s0yhGlUvfq5QzJqeZ95UtBpu6UOEv/2Gw8bcbiPWjW9p5dK3lt7XgVJ//YGnZQ12mHjucXPkZdB/4RpadlNqYSni92dB3FI6tuakQWMN4IpNN/y5EjpeLL3x245N8+8uVsJq1pT7I3OoTchphYXdqPHUEOjUeoC3ltTkZbbFklZ3jxccPhv5a4M7QfflSsqoB8mIAcGBlOCgoKSEZZIv369SNZz5ITmgPKTta7gkUUVrBohumt4Djcx5aA1qQZZTzyMrne/x+5v/uS15WHkLuAR9F++63YFhYmN1mOyDj2QUOsj9xrv6HCmZcawvyXnj1/6mFag7bqWn2M66HcHeRuNdyVXXoPbOTIsg8odR+I5j5W1v+17JZqWtK16qNATMhvLSPUw48k8sigQCSBf79JocCCPUtkjXpRKS8ZXclCosRnjn6dDScuVnzkHy8bTth4rtjZ7XQqnvew/8XwCCntUP9XQCCh689P1BSimhOW9bXACxSFyIuiuvDeMTEKyTr7Xcqffpr6WlFxvJ6WNeoFrsc//Mq01CJHlKFnGxt+sMhLF+Un4vp7lvodj3/Ee7z8hEjuQf6j5T0ueTn+n1xeeGXFJq50NN4HBokdgTZt2lDDhg1p69ataurQmLMcOPnnn3/Srl27aNWqVbR8Of+NypRVqcg5W5DkJCDGT+K5Q2Pz+uIXnkloJT07l7KBmpTJH8IF+8i95WelTCwrEei/ONK97jte/riZ7G0G87YhHrWLwQWLswePzESMBm98G5htEotHETGSM0rRnHuVsYgyeONll5Klb+rR9lYDlRFH0Tf/NJnSyxJM4IM/ndeklBiWXPQM4nSRHAosqHFibSMixhW2Bh1J4KX1mWBKlf/OGKp7/RpOM1iN1jw7FvGLHMLKpIUpXeHXtykFZm/Dpqn/WEHuDXPIxkNce6eRVPjplWraUR4o+HA8r4m9rUZv9W7dwWthq9Qkgr1ZT/7jqM/m9SdRzmPNqODjiylr7Ds83L+LrXtGKKseB+clyk+sEIO/hkyViddN3fo8zco/8cof+ZoIfPrpp9StWzd65513aNSoUbR+/Xo688wzady4cSRTgjJNKCOxOXPm0MiRI8nlctGVV16pFJspI9wkFQGtsd+oJtGVklmkkkWvRF2sWP3JTJAsjcg2H/f6b8nG05H2VoNUXnn/d3JInnVv3KiWWWwNOqi+UxJI3ydS8sd/2ap7oupHM9nwLX34JN6LtpVnpRoowxJZIpEfUWKebQu5nAFU75Zt5GYrSlFk9vb+2Z5Cns5MlCSlAiuYeTnVu3kLyUJk3evXKhbyNZBmsCSUaceC985SG49tTXuQ/MgXjJtHXI7ufutDeVAsF/PYsjD7Sr/lYFqw9aDKnUdOPI2Yn7dDzUGrF8Z7MQIic8y5z/dUt64V71Ihv9BMHiXKYmtgAsjLQ/u8lwdwgZ7AY/hdQwkMGzaMNm/eTMcddxydfvrp1KBBA3r//feVspImy6hr7dq1NHz4cGVm37hxY/rkk09oyZIlNZQImlUtBHh9LPeZLurDXKvXms3j/YpI6lLw7pkkBhZG8XH/Jmb6zl5ls1RFP0z2m9xLQh455b1+JGWNeV
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