Consultations & legislation
Informal consultation on REITs measures announced Budget 2011
05 April 2011
The Government announced a range of measures (listed below) in the Budget to support the development and growth of the UK Real Estate Investment Trust market. These measures address both barriers to entry and investment for new and existing REITs; and promote good business practice for existing and future REITs. These measures, coupled with other regulatory and planning reforms, will provide support to the property sector as the economy strengthens.
In line with the Government’s approach to tax policy making (set out in the June 2010 publication, Tax policy making: a new approach) we now intend to consult further on these measures before the Government publishes draft legislation for these REIT measures to be legislated in Finance Bill 2012,
Background
In February 2010, the previous government formally consulted on increasing investment in the private rented sector. The current Government responded to this consultation in September and HMRC and HMT officials subsequently undertook an informal consultation to identify specific barriers to entry and investment for Real Estate Investment Trusts (REITs), particularly within the residential housing sector.
The REIT measures announced in Budget 2011 were as a result of this consultation.
Your views
The link below sets out each REIT measure and the questions we want your views on. If there are issues that have not been raised that you think are important, then we would encourage you to raise them. In addition, any evidence that you can provide to support your views would be welcomed.
The informal consultation closed on 10 June 2011.
Results of consultations
The views expressed during the consultation will be taken into consideration in the drafting of the 2012 Finance Bill. The draft Finance Bill will be published in the Autumn.
Contact information
If you have any questions on the consultation please contact us on ReitsConsultation@hmtreasury.gsi.gov.uk.
For specific technical questions regarding the existing legislation, please contact Tony Linehan on the following: Tony.Linehan@hmrc.gsi.gov.uk or 020 7147 0527.
Share
