Key points
- Benefits of removing the listing requirement for a UK-REIT.
- Privately-owned REITs would open the regime to a wider group of investors.
- Property disposals that are required to meet statutory requirements should be excluded from three-year development rule.
- The UK regime should be expanded to allow mortgage REITs.
- More flexibility on the types of real estate asset allowed in a UK-REIT.
Almost 15 years ago I penned an article for Taxation magazine which critiqued the introduction of the UK real estate investment trust (REIT) regime (‘REIT on!’ 19 January 2006 page 391). It is a pleasure to revisit this topic in the same publication.
The UK-REIT legislation came into being on 1 January 2007 and the intervening years have seen the regime successfully establish itself as an accepted route for UK property investment. In so doing the regime has in the main justified the ambitions...