The Investment Management Association (IMA) is calling for the abolition of what it calls a 'discriminatory' tax regime for authorised funds investing in commercial property. These currently suffer a 20% corporation tax on rental income with no option to get it back as UK tax-exempt investors, while both property funds domiciled offshore and REITs are able to reclaim for exempt investors.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
