Deloitte laments loss of property trust relief

In the wake of this week’s Budget, which saw Gordon Brown abolish stamp duty
relief on the initial transfer of real estate to property unit trusts, Deloitte
has come out and called this move ‘regrettable’.

Michael Quinlan, partner in charge of Stamp Tax, said that while the move was
widely anticipated, it was the firm’s experience that property unit trusts have
been used by savings institutions as tax efficient investment vehicles to the
benefit of the public and the property industry.

‘We would have hoped that the relief could have been retained in a more
targeted form,’ Quinlan added.

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