ARTICLE · 27 NOVEMBER 2007

The REIT Is Here – Update August 2007

Berwin Leighton Paisner

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This note sets out the position on the REIT as at August 2007, following the coming into force of the REIT legislation in January 2007 and subsequent amendments in Finance Act 2007.

United KingdomTax

Cathryn Vanderspar

More relaxed rules on start-ups

New rules for joint venture groups

Facilitation of demergers

The REIT Regime

This note sets out the position on the REIT as at August 2007, following the coming into force of the REIT legislation in January 2007 and subsequent amendments in Finance Act 2007.

Initially, nine of the major listed players in the industry converted to REIT status and the list is getting longer as the details of the rules become clearer. Finance Act 2007 has already confirmed further (previously announced) changes, including some facilitation measures for start-up REITs, enlargement of the rules for REITs in corporate joint ventures to include those in group joint ventures and relief from a double entry charge on REIT demergers.

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