BOSSES could find themselves in a REIT pickle if they fail to brush up on a raft of new acronyms, business adviser Mike Harrison said today.

Ignorance could lead to a WEEE bit of trouble when it comes to dealing with HIPs and a host of other baffling terms, he added.

Mike, the head of the Manchester office of accountants Saffery Champness, has compiled a guide on the acronyms which are due to come into force in 2007, along with some which emerged during 2006. He said: "The Finance Act created a number which affect business owners personally, especially those using trusts. A number will come into force in 2007 affecting investments and property.

"It's important to get to the bottom of them as they could bring important new compliance requirements or helpful tax savings to businesses and their owners."

Next week, the WEEE - the Waste, Electrical and Electronic Equipment directive from the EU comes into force, with the aim of reducing waste. Real Estate Investment Trusts will be created on New Year's Day - they are a type of property fund which will allow people to invest without actually buying the bricks and mortar.

Later in 2007 will come Tenancy Deposit Schemes (TDS), which will require deposits for most new residential lettings to be held by an administrator and not the landlord, while Home Information Packs (HIPs) will be necessary from June.

They will contain information about the condition of a property. This year's Finance Act included sections covering IPDIs (immediate post-death interest) and TSIs (transitional serial interest). Tweet