KUWAIT: Ahli United Bank hosted a seminar on the latest developments in London real estate market for its Private Banking clients at the Ritz Carlton Bahrain. First speaker of the seminar was Piers Master, Tax Partner with the international law firm Charles Russell Speechlys, who spoke on recent UK tax legislations, most relevant to investors owning or eyeing to own residential property in the UK.
He drew the attention to the proposed changes to the inheritance tax, expected to be introduced in 2017, which will make residential property owned by offshore companies subject to inheritance tax for the first time in the UK. He discussed the criteria for retaining a non-domiciled status for UK tax purposes which significantly lowers one’s tax burden, stressing that with the right advisory, international investors can well navigate the UK tax code and better profit from the attractive investment opportunities there.
Next speakers were Patrick Carr, Director, Savills Investment Management and Joy Mcsmythurs, Real Estate Fund Manager, Ahli United Bank (UK) who presented an overview of the London residential property market, underlining the acute supply and demand imbalance in the mainstream London market, driven by the city’s growing population and the chronic undersupply of new units available to meet the growing demand.
They highlighted development opportunities arising in the Greater London area, citing as an example the AUB Greater London Residential Development Opportunity, a fund which has been filed with and acknowledged by the Central Bank of Bahrain, which enables clients to acquire shares in a collective investment vehicle focusing on mid-market residential schemes in Greater London and delivering returns through the development and sale of completed schemes.
Prakash Mohan, Group Head, AUB, commented: “We are pleased by the feedback from our valued clients who attended this seminar, which is part of our efforts to keep our clients updated on developments affecting their current or prospective investments. We are also excited to launch this initiative to invest in the UK residential market through a fund vehicle, instead of direct ownership of property, which benefits the investors with a better tax planning. “
He further added that due to AUB’s well-established presence and expertise in the London market and our partnership with some of the world’s leading fund managers, our clients can access a broader range of investment opportunities whilst always counting on the professional advice and friendly personal service they’ve come to expect from our teams both in Bahrain and the United Kingdom”. AUB’s Private Banking & Wealth Management has received a string of accolades and awards over the years, including most recently being best Private Bank in the Middle East , 2015 by Global Finance and Best Private Bank in Bahrain 2015 by both Euromoney and The Banker/PWM’s World Private Awards 2015.