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Chancellor’s fears could delay Reits

The Conservatives have warned the Government a commitment to introduce Reits is needed in the pre-Budget report to ensure that the UK is not left behind other countries.

Shadow Paymaster General Richard Spring says the Government appears to have a “mental block” on real estate investment trusts and there is no reason for a delay, especially when the Treasury is implementing radical new Sipp rules.

Industry speculation suggests Reit proposals may be left out of the pre-Budget report due to the Chancellor’s concerns about loss of tax revenues.

Treasury Economic Secretary Ivan Lewis told Money Marketing in September he was personally committed to making rapid progress and is “very hopeful” Reits will be included in December’s report.

Spring says: ” The Government seems to have a mental block and the country is losing business because of this delay. The Treasury is bringing in some very radical ideas with Sipps but on simpler things such as Reits it appears to be fudging the issue.”

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