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Reits to go ahead this month

Chancellor Gordon Brown has used his pre-budget statement to announce legislation on Real Estate Investment Trusts.

The Conservatives called on Mr.Brown last month to introduce Reits to ensure the UK is not left behind other countries. Industry speculation had suggestsed the Chancellor may have left Reits out of his pre-budget statement because of concerns over loss of tax revenues.

Mr.Brown said: “To widen the number of investors in the residential and commercial property markets, we will this month publish legislation to set up in Britain Real Estate Investment Trusts that will increase the funding of new property developments.”

Ernst & Young real estate tax expert Peter Beckett says: “The promise of legislation to bring in Reits is very good news, after a period of hesitation. I hope the rules will be simple and clear enough to attract the private investment the Chancellor said he wanted in this area.”


Brown’s big blunder

The Chancellor’s U-turn on allowing residential prop- erty in Sipps is a multi-million-pound blunder, say industry experts. Accountants Grant Thornton says that several million pounds spent by providers, lenders and advisers in prep- aration has been wasted due to the pre-Budget report’s hammer blow this week. Tax partner Richard Proctor says it is impossible to […]

Funds set to gain from demolition job on Sipps

Fund managers stand to benefit from Chancellor Gordon Brown’s shock scrapping of residential property from Sipps as advisers look to put clients’ money elsewhere. Property funds are the most obvious beneficiaries of Brown’s U-turn but investors are also likely to broaden their portfolios following the change. Threadneedle communications director Richard Eats says there is no […]

Abbey shakes up protection marketing team

Abbey is undertaking a “redeployment” exercise in its protection marketing team based, offering staff the option of moving to its insurance and asset management division.The Glasgow based team, currently of around 15, will reduce to a skeleton team, likely to relocate to Milton Keynes, although Abbey insists “only a very small number will be affected.”Final […]


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