View more on these topics

Tax change to hamper UK property market, says Pierre & Vacances

The UK property market is set to suffer as the abolition of 3 per cent annual tax will see offshore funds redirected to France, says French tourism property developer and manager Pierre & Vacances.

It says the imminent removal by France of the annual 3 per cent tax on the gross value of French property applicable to investors in Jersey, Guernsey and the Isle of Man will considerably widen the property market for direct investment and may threaten any nascent stabilisation in the UK property market.

Pierre & Vacances property investments UK & Ireland head Nick Leach says: “We are already seeing a rise in enquiries from these offshore territories, as private and corporate investors ready themselves in anticipation of the 3 per cent tax being formally removed. We are bracing ourselves for a sharp flurry of activity, as tax changes can always be reversed and investors will not want to miss out.”

Recommended

Adviser Fund Index

The Adviser Fund Index aggressive portfolio has had an impressive six months. The horror of the end of 2008 is receding and the index is pulling away from the performance of the Investment Management Association active managed sector and the Association of Private Client Investment Managers growth portfolio. One major reason for this is the phenomenal performance of the emerging market sector.

Annuity firms face higher solvency costs

The latest Solvency II consultation paper proposes that annuity providers should have to hold enough assets so they are still able to meet their liabilities if they are forced to switch from corporate bonds into Government bonds.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com