What a refreshing change! While the Budget proposals are not unexpected for those who have been working behind the scenes – and indeed there has been much lobbying to get us this far – the way that they have been presented marks a continued, vital change of public approach by the Government to the UK funds sector.
The draft Finance Bill legislation contains two major improvements for REITs – the REIT of REIT proposals are to go ahead and genuine commercial businesses will be exempt from the SDLT 15% charge, annual charge and new CGT charge on disposals of residential property over £2m.
The Finance Bill contains a number of welcome further improvements to the REIT regime that were not included in the draft legislation published back in December. These will: make it easier for charities and social landlords to invest in REITs; relax the “listing” requirements further; and change how the interest-cover test works. Charities and social [...]
There were limited announcements directly in relation to REITs today. Positively, the Government announced that they would further consult on the role REITs can play in the social housing sector. This comes in addition to the Government’s ongoing Montague review into the private rental sector, and as part of the general push to help stimulate [...]
There are currently only 24 REITs, which are mainly existing property investment companies that converted to the regime. There are very few new REITs and no residential REITs. But all that could change following improvements to the regime that are expected to come into effect this summer. What is a REIT? Currently a UK [...]
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