ACCA welcomes UK Budget’s new Islamic finance measures

ACCA welcomes UK Budget’s new Islamic finance measures

acca

The Association of Chartered Certified Accountants (ACCA) has welcomed the Treasury’s latest plans to remove tax barriers to some Islamic finance products.

Under the measures laid out by chancellor Alistair Darling in last week’s Budget, alternative finance property investment bunds, such as those favoured by Islamic financiers, will receive relief from stamp duty land tax (SDLT).

In addition, investments may also be given relief on capital gains taxation, with some Islamic debt products having previously been taxed twice as a result of the process of money generated by underlying assets not being returned as interest payments.

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