Policy position paper

REITS DISCUSSION PAPER: The Pan-Industry Response May 2005

Date

31st May 2005

Description

This document is the pan-industry response to the Government's Discussion Paper on UK Real Estate Investment Trusts published with the Budget 2005. It reflects the views of a pan-industry group comprising the BPF, IPF and RICS and also incorporates the work carried out by a group of industry technical experts who have been considering the specific tax questions posed in the paper.

The Discussion Paper gave a conditional commitment to the introduction of a UK REIT, but posed a number of questions of a technical tax nature that the Government said required answers before it could proceed with the next stage of REIT development and implementation. The most significant of these concerned the potential loss of tax revenue from overseas investors in UK REITs.

The original pan-industry submission, prepared in July 2004 in response to the Government Consultation Document entitled "Promoting More Flexible Investment in Property: A Consultation", can be found on the BPF website at: http://www.bpf.org.uk/communication/policypapers/56

Downloadable documents

REITs Pan Industry Response - 270kB.

Appendix 1 - Exempt Company Model - 139kB.

Appendix 2 - The Taxable Company & Appendix 3 - Internal Trust Model - 206kB.

Appendix 4 - Grouping Issues & Appendix 5 - Other Issues - 107kB.

Slides from Media Briefing - 53kB.