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BPF Response: A future trajectory for minimum energy efficiency standards (MEES) in non-domestic privately rented properties

We submitted representations to the Department for Business, Energy & Industrial Strategy in response to their consultation exploring the appropriate future level for minimum energy efficiency standards in privately rented non-domestic buildings. We expressed our support for the government’s preferred policy option of an EPC rating of B by a single backstop date of 2030. 

BPF Response: OECD ‘GloBE Pillar Two’ proposals

We responded to the OECD’s ‘GloBE Pillar Two’ consultation, which proposes to enable countries to tax profits where they have otherwise been taxed below a ‘minimum rate’. Our response highlights the need for a tailored approach for real estate investment structures, such as REITs, given their unique tax characteristics. We also stressed the importance of tax neutrality, allowing people to invest directly or collectively with similar tax outcomes

BPF response: Treasury Select Committee business rates

We responded to the Treasury Select Committee inquiry into business earlier this month.

BPF Response: NRCGT, property rich fund regulations

We submitted comments to HMRC on the draft NRCGT regulations relating to the treatment of property rich funds. We made a number of recommendation to ensure that there are no technical barriers to eligible investors making appropriate elections. In addition, we continue to stress the importance of functionality in the rules to allow funds to perform tax compliance and make payments of tax on behalf of their investors.

BPF Response: disclosure of cross border arrangements

We responded to HMRC's consultation on regulations that will require disclosure of certain cross-border arrangements that could be used to avoid or evade tax, as part of an EU directive known as DAC 6. Arrangements will be reportable from July 2020 and some transactions from June 2018 will be in scope. 

Tax treatment of asset holding companies in alternative fund structures

What: An HM Treasury consultation on the treatment of asset holding companies in alternative fund structures – part of the government’s ongoing work to explore how the UK could better support the alternative fund sector.

Our view: Investors in collective investment structures should achieve a similar tax outcome as if they had invested in the underlying real estate asset directly.

BPF Response: Partial exemption and capital goods scheme

We responded to HMRC’s call for evidence on simplification of partial exemption and the capital goods scheme highlighting areas for simplification and modernisation of the schemes. 

BPF Response: Consultation on Building a safer future

We submitted a response to the Building a Safer Future consultation. This follows up how the Government should implement the recommendations of the Hackitt Review. The results of the consultation should be forthcoming in the Autumn and a Bill in the next Queen’s Speech.

BPF response: Capital loss legislation

We responded to the government’s draft capital loss restriction legislation. We reiterated concerns that many businesses will not pay tax on their economic profit as a result of these rules – with the rules creating a cliff edge where gains and losses arise in different accounting periods. 

UK Commercial Real Estate Economic Footprint

The British Property Federation commissioned planning and development consultancy Lichfields to analyse the economic footprint of the industry. This short report summarises the key findings from this research, focused around four broad themes: jobs and labour market, output and turnover, tax revenue to exchequer. 

BPF RESPONSE: VAT (Reduced Rate) (Energy-Saving Materials) Order 2019

We provide our comments on the legislation on the draft order

BPF response: stamp duty land tax non-uk resident surcharge

Read our submission to the Treasury consultation.