Investors needed for flats above shops

PUBLISHED: 11:29 06 September 2007 | UPDATED: 12:46 04 May 2010

HAVE you got money to invest in property? A new tax efficient scheme, aimed at creating affordable housing above shops, needs company, trust, FURBS or private investors from the Ely area and beyond. All the money invested goes towards the cost of conver

HAVE you got money to invest in property? A new tax efficient scheme, aimed at creating affordable housing above shops, needs company, trust, FURBS or private investors from the Ely area and beyond.

All the money invested goes towards the cost of converting storage areas above shops into flats, and although the success of the investment depends on how much the property increases in value, some 'downside protection' is available, so higher rate tax payers will get costs back in all circumstances, even if the property makes a loss.

Those interested in investing, must be prepared to put in a minimum of £25,000 and a maximum of £5 million into the scheme. It is possible to invest in one large scale conversion or spread the risk over a number of different schemes across the UK.

The scheme should be seen as a seven to 10 year investment in property and tax relief, set at around 40 per cent, will kick in after two to three years. The scheme closes on September 30 this year, or earlier if target funds are reached.

INFO: Potential investors should contact Peter Daykin at Price Bailey by email at peter.daykin@pricebailey.co.uk

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