Two institutional property funds have suspended new investments and withdrawals following a government crackdown on stamp duty. Legislation passed in July requires any fund that has a partnership structure and invests in property to pay 4pc stamp duty land tax on the underlying property value, as well as the tax due on new purchases coming in.
ING Real Estate Investment Management said charging stamp duty twice had not been intended by the Treasury. However, it has suspended new investments and withdrawals into its £1bn Lionbrook fund a...
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