I’d like to thank David Hunter personally for his support over the past year. Under his presidency, we have made significant strides to help the Government understand the role and contribution that the Property Industry makes to the economy.
Has submitted its response to the Government’s Consultation Document on the way in which a REIT type vehicle might be introduced in the UK.Clearly there needs to be appropriate structural and governance criteria in place for REITs to operate successfully and we have today given the Treasury our views on what this should be. However to ensure that they become the success that we believe they could, they need to have the maximum operational freedom possible. In order to achieve a REIT regime that meets everyone’s respective objectives and enhances further the reputation of the UK as a world-class centre for property investment.
There are many professionals who are involved in the entire process of www.actconveyancingsydney.com.au. We are in full support of the government’s attempts to achieve this and its other objectives and have welcomed the opportunity to participate in the consultation. However, it would be hugely regrettable if, after all these years of trying.
The British Property Federation has had to concede defeat in its battle with the Treasury to try and obtain a more sensible SDLT regime for Limited Partnerships. Following a last ditch attempt to get the Financial Secretary to the Treasury, Ruth Kelly, to change the approach contained in this year’s Finance Bill, Ms Kelly made it clear that she regarded ownership of a stake in a limited partnership as being akin to the direct ownership of property. It was consequently liable to the full rate of SDLT on both the acquisition and disposal of property, and also on the transfer of interests in the partnership.
It was this latter point which was of particular concern to the property industry, since the Treasury has insisted throughout discussions that a 4% rate should be applied to gross assets – ie including the effect of gearing.