| From Ifaonline.co.uk: In his Pre-Budget Report statement today, the Chancellor, Alistair Darling, says he will also provide relief from tax on capital gains for alternative property refinance transactions to maintain the UK's position as a centre for Islamic finance. In addition, guidance will be issued on VAT treatment of alternative finance investment bonds.
Mohammed Amin, head of Islamic finance PricewaterhouseCoopers, says it is a small but important step in keeping the UK ahead of other Western countries. "I'm pleased they have taken this measure as other countries are competing to attract Islamic financing. It should lead to a little bit more activity in this area," he says...............................................Full Article: Source
|