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HMRC published a revised version of the draft legislation on Real Estate
Investment Trusts at the end of January. These are designed to meet earlier
criticisms, but few seem to be impressed. According to Herbert Smith, it is still likely to be more tax efficient to structure cross-border investment in real estate via a closed-ended unit trust (such as a Jersey Property Unit Trust, JPUT, or, in Hong Kong, HK).
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March 2006 |
