As part of the so-called ‘Edinburgh reforms’, a package of measures intended to improve the competitiveness of the UK financial services industry, the chancellor announced proposed changes to the tax rules for real estate investment trusts (REITs).
In a written statement, the chancellor said: ‘With effect from April 2023, new rules will remove the requirement for a REIT to own at least three properties, where they hold a single commercial property worth at least £20m; and amend the rule that applies to properties disposed of within three years of significant development activity, to ensure that this rule operates in line with its original intention.’
A consultation on the VAT treatment of fund management was also announced.
As part of the so-called ‘Edinburgh reforms’, a package of measures intended to improve the competitiveness of the UK financial services industry, the chancellor announced proposed changes to the tax rules for real estate investment trusts (REITs).
In a written statement, the chancellor said: ‘With effect from April 2023, new rules will remove the requirement for a REIT to own at least three properties, where they hold a single commercial property worth at least £20m; and amend the rule that applies to properties disposed of within three years of significant development activity, to ensure that this rule operates in line with its original intention.’
A consultation on the VAT treatment of fund management was also announced.
