Finance Bill
Brooks Newmark raises concerns that delays the availability of REITs will result in people setting up REITs elsewhere.
Mr. Newmark: While the Minister waits, the message is clear: people are moving to other tax regimes. Today, next month and the month after, more and more real estate investment trusts will be set up elsewhere. He has to ask himself why those other businesses are being set up in other tax regimes. If he waits another year, the Exchequer will lose out.
Mr. Lewis: It is clearly a point of consensus that we want to resolve the issue as quickly as possible and that that is in the national interest. I think that we also agree, however, that there are complex and difficult issues that have been resolved neither by Members of this House nor by experts. We have been taking expert submissions and advice, and as of today's debate there has been no satisfactory final resolution to ensure that the legislation that we introduce will achieve the objectives that we want from a reform of REITs.
