A Real Estate Investment Trust for the UK – some questions and answers

United Kingdom
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Please find attached some Q & As that we have produced following the recent publication of the draft legislation on the introduction of the REIT from 1 January 2007 and the seminar that the Revenue ran on the proposals. The deadline for responses to the proposals is 27 January 2006. Although the timetable is very tight we intend responding to the consultation. If you have any views or comments that you would like to make please do feed them through.

As a general comment, while the continued progress towards the introduction of a REIT is to be welcomed the proposals do contain some provisions that seriously threaten the availability of the regime to existing listed property companies and its attraction more widely and we are still awaiting key proposals on groups and the conversion charge.