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Keydata launches residential property fund

Keydata has launched its residential property fund limited partnership. The fund will give investors access to potential income tax relief of 40 per cent through a government incentive to develop the upper floors of retail and business units.

A team of property managers, Upper Floors Management, has been appointed to run the fund. The team is led by Graham Bates, former chairman of Bates IFA. Bates has built a 10m residential portfolio from scratch and is currently involved in a number of personal property projects including flat conversions.

Upper Floors will use the first three years of the investment to assemble and convert the portfolio, mortgaging properties to fund further acquisitions as conversions are completed. The property in the portfolio has to be kept for seven years for investors to reap the benefit of any tax relief created, at which point it will be sold. The fund has a planned term of 10 years.

Minimum investment is 10,000, IFA commission is 3 per cent, the fund closes on June 30, 2005. Growth is subject to capital gains tax but can be spread over two tax years.


FSCS steps in to assist Whiteley customers

The FSCS is stepping in to assist customers of Whiteley Insurance Consultants.The FSCS has declared WIC in default to enable it to provide immediate assistance to the provisional liquidators for emergency claims that fall within the scope of its protection, whilst the financial position of the firm is being established.FSCSs chief executive, Loretta Minghella says: […]

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