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REIT on!

19 January 2006 / Hira Sharma
Issue: 4041 / Categories: Comment & Analysis , Investments , Trusts
HIRA SHARMA reviews the draft legislation recently issued by HMRC governing the introduction of a UK real estate investment trust.

HOPE FOR THE best plan for the worst and prepare to be surprised — after a protracted and at times troubled gestation period HMRC finally issued draft legislation for the introduction of a UK real estate investment trust on 14 December 2005. A rather short period of consultation to 27 January 2006 has been arranged and although some important gaps in the draft provisions currently remain HMRC have confirmed their intention to introduce legislation in the 2006 Finance Bill which will allow companies to join the new régime in respect of accounting periods ending on or after 1 January 2007. This is all welcome news and subject to the proviso that the final UK-REIT legislation is not perceived to be unduly onerous it could in time herald a paradigm shift in the landscape for UK real estate investment.

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