Government plans to introduce tax relief for some Islamic finance products have been welcome by the Association of Chartered Certified Accountants (ACCA) .
Under the new measures announced in last week’s Budget report, alternative finance property investment funds, such as those favoured by Islamic finance professionals, will be free from stamp duty land tax (SDLT).
Additionally, such investments may also be given relief on capital gains taxation, with some Islamic debt products have previously been taxed twice.
Commenting on the Budget measures, ACCA head of taxation Chas Roy-Chowdhury, said: "These measures could be more significant in the current economic climate, where access to finance has dried up so strikingly."
"Such positive steps will boost the Islamic finance sector and hopefully facilitate another alternative source of finance for businesses in the UK," he added.
The new Islamic finance measures will take effect from the start of the third quarter of 2009.
ACCA Welcomes Treasurys New Tax Measures For Islamic Finance
Thu, 30 Apr 2009
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