United Kingdom

Details

  • Service: Tax, Budget 2014
  • Industry: Real Estate
  • Type: Press release
  • Date: 19/03/2014

Budget 2014: Seeding relief would boost investment in real estate 

Sean Randall, Head of Stamp Taxes at KPMG, comments on the announcement that the Government will consult on the Stamp Duty Land Tax (SDLT) treatment of the seeding of property authorised investment funds and the wider SDLT treatment of co-ownership authorised contractual schemes:

“Stamp duty is often a barrier to establishing vehicles for collective investment in real estate. The re-introduction of seeding relief* would remove that barrier and significantly encourage the use of vehicles, such as PAIFS and contractual schemes, which have to date been relatively overlooked as real estate fund vehicles. This will benefit those wishing to establish real estate funds and ultimately investors in such funds.

 

Such a relief was introduced for unit trust schemes before its abolition three years later. This is a much needed consultation and will be welcomed by the real estate industry as a whole.”

 


Ends

 

* Seeding Relief is the name given to relief for the transfer of property to newly-established fund vehicles.


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KPMG Press office
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About KPMG:

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity an

 

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Zoe Sheppard

Zoe Sheppard

PR Manager - Consumer Goods, Retail, Property, Wales and the South West Region

KPMG in the UK

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