Tuesday, 8 October 2019
Financial Resolutions - Budget Statement 2020
These include new limitations on interest expenses to prevent over-leveraging and a measure to combat the artificial avoidance of gains on redemption of IREF units. I have instructed my officials to intensely scrutinise activities in the IREF regime over the coming year, with a view to taking further action if necessary.
I will also make a number of targeted amendments to the REIT regime from today to ensure that an appropriate level of tax is paid on property gains by REITs.