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Reits get an early start

Real estate investment trusts are set to be introduced early next year following the Chancellor’s surprise decision to introduce them in his pre-Budget report on Monday.

Industry speculation had suggested the Chancellor might delay Reits because of concerns over loss of tax revenues but their inclusion in his statement came as good news to providers.

Fidelity says it plans to launch a global mutual fund investing in Reits and property securities funds early next year and predicts the global Reit market to exceed 0.75 trillion by 2010.

The Conservatives last month called for the Chancellor to introduce Reits to ensure that the UK is not left behind other countries.

Reit structures are already scheduled for implementation in 15 countries and 11 per cent of the world’s commercial property is currently held in such vehicles.

JP Morgan Japanese investment trust manager Stephen Mitchell says: “Reits have been very successful in Australia and the US while the Japanese market has grown to 11.5bn in four years.

“The Chancellor’s decision will boost professional real estate management in the UK with increased transparency and helpful tax breaks.”BUY-TO-LET and mortgage referral Sipp deals

t Hamptons International Mortgages and Towry Lawt Abbey and Platform Home Loanst Paragon Mortgages and James Hayt Hargreaves Lansdown and John Charcolt Pensions Association Limited and The Property Platformt MW Pensions, lawyers John Howell & Co and tax advisers and accountants UHY Hacker Young joined forces to offer the ISipp, an international self-invested property pension


Standard rejects 3.5m sipp uturn costs

Standard Life has rejected newspaper reports suggesting the provider has wasted up to 3.5m due to the Chancellor’s recent uturn on sipp legislation, instead putting the figure at 0.5m.The report says the costs come from overhauling its systems, developing its sipp offering, marketing literature and a legal team focusing on the proposed new rules that […]

Shakin’ all over

Money Marketing claimed victory against other media teams at the Credit Suisse Asset Management Christmas bash in the most treacherous of conditions. Not only did journalists have to dress up in giant Sumo suits and survive the freezing conditions of an East London warehouse but CSAM decided not to open the bar until 8.30pm, leaving […]

Hammond takes on Tory Work and Pensions role

Philip Hammond has replaced Sir Malcolm Rifkind as shadow Work and Pensions Secretary after Rifkind walked out on the role.Former Euro MP Theresa Villiers has taken over Hammonds role as shadow Chief Secretary to the Treasury.David Willetts has moved from shadow Trade and Industry Secretary to the Education brief with Alan Duncan replacing him.David Cameron […]


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