The biggest property-related news to come from today’s Budget is that legislation allowing the operation of Real Estate Investment Trusts (REITs) in the UK will come into force on 1st January 2007. What’s more, the Chancellor appears to have made a number of concessions to the property lobby who had become concerned that some details of the draft legislation would hamper the emergence of a REIT market in the UK. Today’s news on REITs is probably more positive than the industry was expecting.
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