Lawyers cheer Budget's Islamic finance provisions

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  • Islamic finance / budget

    Tax relief for alternative finance investment bonds is good news for the burgeoning market for Islamic Finance in the UK and for the economy as a whole.

    As anticipated, the Chancellor has announced changes to close an existing loophole in the rules. This relates to the acquisition of real estate using sharia's financing arrangements, which had been applied by commercial real estate investors to avoid paying stamp duty land tax. The closing of the loophole should not impact upon the development of the Islamic Finance market in the UK.

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