UK property industry calls for urgency on trusts

By Jim Pickard -

The ownership of billions of pounds of property will move offshore unless the government urgently introduces Reits (real estate investment trusts), the property industry warned yesterday. The Treasury is keen to introduce a new tax-efficient vehicle for property investors but is adamant that such a system should not lead to lower tax takings.

Property industry leaders said unless Reits were introduced soon, more property companies and funds would register offshore.