The Association of Real Estate Funds (AREF) has urged the Chancellor, Rachel Reeves, to take a series of practical steps in the upcoming Budget to help the property industry play its part in driving UK economic growth.
AREF’s submission highlights three key areas for reform:
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Unlocking the pensions market by allowing more savers to invest in Long-Term Asset Funds and making authorised property funds eligible for ISAs.
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Supporting the Reserved Investor Fund (RIF) by updating legislation to widen its appeal and reach a broader range of investors.
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Introducing targeted tax reforms, including reinstating Multiple Dwellings Relief, offering stamp duty relief for Local Government Pension Schemes, and extending VAT zero-rating to refurbishment projects to promote sustainability and reuse.
Paul Richards, AREF’s CEO, said:
“The Chancellor and the Treasury have acted positively in generating the growth agenda and we could be on the cusp of real, lasting change. But plenty of smaller things – like getting more savers into British property and refurbishing stranded assets – could all accelerate that change and support more growth.”
Read the full submission here.
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