PIMA welcomes Government’s UK Real Estate Investment Trusts (REITS) and calls for tax-incentivised status
PIMA welcomes today’s announcement that the Government will legislate to allow unitised real estate investment funds commonly known as Real Estate Investment Trusts (UKREITS).
UK REITS have been thoroughly studied by the Treasury and HMRC who have concluded that they are an important investment vehicle for savers. PIMA agrees with the Chancellor’s assessment that UK REITS represent an important source of investment for property development in this country.
However, PIMA calls for REITS to be held in the UK’s most popular retail savings product—the ISA. For the greatest appeal, the Chancellor should waste no time in clarifying that UK REITS will be allowed to be included in ISAs and CTFs.
PIMA Director General, Tony Vine-Lott said,
[i] We welcome the Chancellor’s announcement that the Treasury will swiftly legislate to allow the creation of UK Real Estate Investment Trusts.
However, we wish to see that UKREITS are permitted as qualifying investments to be included in ISAs and Child Trust Funds (CTFs).’[/i]
For more information and comment:
Tony Vine-Lott, PIMA
07790 006108
Iain Anderson,
Cicero Consulting
020 7665 9532
077 8550 7045
Jacob Coy,
Cicero Consulting
020 7665 9535
078 8619 7086