A leading organisation recently claimed that new measures must be introduced to improve the country's commercial property competitivity.
New measures must be introduced to improve the competitiveness of UK funds investing in commercial property, a leading organisation has claimed.
Richard Saunders, the chief executive of the Investment Management Association, has suggested two key policies that the organisation hopes will be included in the 2010 Budget.
He states that it is crucial for the government to introduce an abolition of stamp duty, as this would put the UK on an equal footing with the rest of the European Union in terms of commercial property.
"It's complexity and apparent expense make it less attractive to invest in UK funds than in those from other member countries. Abolition would stem further outflows and could bring increased business and tax revenues," he asserted.
Mr Saunders adds that the government should authorise the introduction of a contractual fund, which would allow the country to effectively compete following the passing of the UCITS IV Directive into law.
Earlier this week, the Financial Times reported that the Tories intended local planning system has led to warnings from
property investment firms that it could create high risks.
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