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Property Authorised Investment Funds
Source: www.hm-treasury.gov.uk
Topic: Property Investment
Sort Desciption: Property Authorised Investment Funds. 1.8. However, unlike UK-REITs, Financial Services Authority regulations require. Property AIFs to value their fund ...
Content Inside: Property Authorised Investment Funds 1 Background 1.1 Real Estate Investment Trusts (UK-REITs) were launched on 1 January 2007. During the development of UK-REITs, the Government has continued to consider the taxation position for Authorised Investment Funds (AIF) investing in property. 1 In the 2006 Pre-Budget Report, the Government announced that in taking this issue forward, it had identified a number of significant challenges and committed to continuing dialogue with stakeholders to establish how best to address them. 2 1.2 The issue of the taxation of Property AIFs was also raised in an Investment Management Association commissioned report published in October 2006. 3 Following publication of that report, the Economic Secretary announced on 14 th December 2006, the creation of a joint Investment Management Association, HM Treasury and HM Revenue & Customs Working Group to consider its recommendations. 1.3 Budget 2007 today announces that, following constructive discussions with the Working Group, industry and other representative bodies, a framework has been developed for taking this issue forward. The framework moves the point of taxation from the AIF to the investor, with the result that investors face broadly the same tax treatment as they would have had they owned real property or UK-REIT shares directly. 1.4 The framework takes account of many of the same international tax issues that had a bearing on the discussions about, and eventual design of, the UK-REIT. Its key structural features are as follows. Level of Property Holding 1.5 Access to any new Property AIF tax regime will be available only to AIFs whose investment portfolio comprises predominantly real property or shares in UK-REITs. Subject to further discussions with industry, the Government thinks the property- holding requirement will be similar to that of UK-REITs. Elective Regime 1.6 AIFs meeting the property-holding requirement would be able to elect into any new tax re ...
property authorised investment funds
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