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Legal Briefing
New regime levels the playing field
Practice Area: Enforcement and Regulation
Sector: Real estate
Jurisdiction: England & Wales
Published: 17 July 2008
Law Firm: Hogan Lovells
Overview
A new taxation regime for investors in property was introduced on 6 April, allowing them to combine taxefficient property investment with the flexibility of investment through an open-ended vehicle. The Authorised Investment Funds (Tax Amendment) Regulations 2008 introduce the property authorised investment fund, or PAIF. A PAIF is an open-ended investment company (OEIC) that has elected to join the PAIF regime by giving notice to HM Revenue & Customs. The aim of the regime is to level the playing field between open-ended and closed-ended property funds.
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