UK announces sukuk tax changes

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Dealers are predicting an increase in UK-based issuance of sharia-compliant securities after chancellor of the exchequer Gordon Brown announced preferential tax treatments for the instruments in last month's budget.

Since April 1, companies issuing sukuk securities that comply with Islamic law have been able to offset payments to project financiers against their tax bills. Ministers hope the move will increase London's reputation as a centre for the rapidly growing Islamic finance industry.

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