Stamp Duty seeding relief could boost UK by £117.6m
Currently the government is consulting on rules for property investment funds as investors are hampered by rules when transferring assets, as they often transfer them outside the UK.
Seeding relief could result in as much as £6.61bn worth of property previously held offshore being placed in the UK.
Ion Fletcher, director of policy (finance) at British Property Federation, said: “The BPF has advocated strongly in favour of a seeding relief for PAIFs over the past two years, and believes that it will provide a real boost to the UK’s property fund industry.
“The government wants to encourage the creation of UK-domiciled funds as part of its investment management strategy, and this is definitely a step in the right direction.”