ARTICLE · 24 MARCH 2010

A Positive Budget For Property

Deloitte

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Phil Nicklin, real estate tax partner at Deloitte, comments on the impact of today’s Budget on the Real Estate Industry

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Deloitte Tax Group

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Change is a win win win situation

Phil Nicklin, real estate tax partner at Deloitte, comments on the impact of today's Budget on the Real Estate Industry:

"Overall this has been a positive Budget for property.

"Expectations were not high, given that this is an election year, but the proposed changes to the REIT regime regarding stock dividends are most welcome.

"The industry has been lobbying hard for the Government to make changes to the REIT regime, so that stock dividends can count towards a REIT's 90% distribution requirement. Currently only cash dividends count.

"Stock dividends (where a shareholder opts to take shares in lieu of a cash dividend) have proved very popular recently and will help REITs to conserve cash. This is particularly important in an environment where new debt is difficult and expensive to come by.

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