UK shock for de­vel­op­ers, IBUs rush to buy CYP

Financial Mirror (Cyprus) - - FRONT PAGE -

The UK Bud­get an­nounced by Gor­don Brown dealt a nasty blow to Cypriot de­vel­op­ers when he closed the tax loop­hole for property in­vest­ments, while IBUs were rush­ing to buy Cyprus pounds ahead of a di­rec­tive for re­serves, ac­cord­ing to the is­sue 648, on De­cem­ber 7, 2005. The Chan­cel­lor of the Ex­che­quer an­nounced in the new bud­get for 2006 that he was clos­ing the tax loop­hole that would have given sig­nif­i­cant tax re­lief to Britons who buy property at home or abroad to in­clude in the trust-based fea­tures

SIPPS shock:

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