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Budget 2011: New rules boost Reits

The Government is to consult on reforming legislation around real estate investment trusts to boost investment in UK property.

The coalition plans to reduce barriers to entering the sector as well as the “regulatory burden” for Reits now and in the future.

The proposed legislation will be included in the Government’s Finance Bill for 2012.

Among the proposals that are up for discussion include the introduction of new rules for institutions who co-own Reits and abolishing the 2 per cent conversion charge for companies who convert into the format.

Under the proposals, Reits would also be allowed to hold cash, making them more flexible at times when holding only real estate is unattractive.

The time limit for paying out profits would be extended to six months. Reits’ financing rules and stock exchange listing requirements would also be relaxed.

In addition, they could be allowed a grace period to meet the rules’ “non close company requirement”å.

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