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Issue:
4188
/
Categories:
Comment & Analysis
, HMRC powers
, PBR 2008
, Pre-Budget Report 2008
, Admin
More from the Pre-Budget Report, reported by ALLISON PLAGER
KEY POINTS
- Change to the REITS regime.
- Land remediation relief rules are tightened up.
- Pensions lifetime allowance is frozen.
- Consultations on HMRC powers and safeguards.
Following on from the first part of the review of the tax measures announced in the Pre-Budget Report Panacea? this article deals with some of the remaining measures announced by the Chancellor of the Exchequer on 24 November.
REITS restricted
Legislation will be introduced in Finance Bill 2009 to make changes to the real estate investment trust regime. There is an initial tax charge on entry to the REIT regime and 90% of profits from the property rental business have to be distributed as Schedule A income.
The conditions to be met by a company or group in the REIT regime will be amended to ensure that they cannot be...
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