Property, Planning & Construction: Religious reliefs
The Government has taken steps to extend tax reliefs on property, which were previously only available to individuals, to companies and trusts. The rewards of this change will be keenly felt by Muslim investors and those who advise them, as Imam Qazi explains
In this year’s Finance Bill, Chancellor Gordon Brown has once again demonstrated his favour for Islamic finance by reducing and simplifying the tax burden on Muslim investors and businesses. The process of making allowances and exemptions for Islamic finance, which started in 2003 and culminated in this year’s Bill, has ensured that the UK is at the forefront of the global expansion of Islamic finance. Specifically, the Finance Bill has extended the stamp duty land tax (SDLT) reliefs (which were previously only available to individuals) to companies and trusts. This simple measure is set to have a significant impact on the UK commercial property market.
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