Phil Nicklin, real estate tax partner at Deloitte, the business advisory firm, comments on the impact of today's Budget on Real Estate Investment Trusts:
"Things only get better for REITs. Today's Budget shows continued Government support for REITs, with further proposals that will help attract investment into UK property.
"The changes to the REIT regime that came into effect from July 2012 are already attracting institutional investors into REITs, especially from overseas. The proposed consultation on including REITs as institutional investors is welcomed. If introduced, it will allow REITs to run their businesses more flexibly and facilitate further investment in the UK property sector, particularly through joint ventures.
"Since July 2012, it has been possible for REITs to be traded on AIM. The potential abolition of stamp duty on shares quoted on AIM and other growth markets will benefit those REITs that use those markets."
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