The Chancellor George Osborne has proposed scrapping the 2% conversion charge on real estate investment trusts (Reits).
In the Budget 2011, Osborne revaled plans to launch a consultation next year to discuss scrapping the 2% conversion charge Reits currently pay. The consultation will be made in the upcoming Finance Bill 2012 which aims to support good business practices. The government hopes scrapping the conversion charge will remove barriers to entry for groups looking to launch Reits, while making them more attractive for investors. Earlier today Osborne said the tax rules around Reits would be simplified. Patrick Sumner, head of property equities at Henderson and manager of the $800m Global ...
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