In response to the Government’s decision yesterday to introduce a seeding relief for Property Authorised Funds (PAIFs) and Co-ownership Authorised Contractual Schemes (CoACSs), and new rules on the stamp duty on land tax (SDLT) treatment of CoACSs, Chief Executive of the Association of Real Estate Funds – John Cartwright – said:
“We are pleased with the government’s confirmation of the changes today and look forward to seeing the details of the draft legislation in early December.
AREF, IPF and INREV are inviting contributions to the consultation process for a project which aims to provide advice on best practice relating to the end of life period for closed-ended real estate funds.
In the past few years, an increasing number of funds have reached the end of their life and the process to liquidate, restructure or extend has been undertaken. The success of this procedure appears to have been somewhat mixed, leaving some investors and fund managers, no doubt, frustrated and disappointed.
AREF welcomes intention to introduce a stamp duty land tax relief but urges government to bring it forward
Commenting on the government’s objective to introduce a stamp duty land tax relief in 2016, John Cartwright – Chief Executive of the Association of Real Estate Funds (AREF) – said:
AREF welcomes consultation on stamp duty land tax seeding relief
In response to today’s Budget, the Association of Real Estate Funds (AREF) welcomes the consultation on stamp duty land tax seeding relief (SDLT).
Currently, SDLT is imposed when a Property Authorised Investment Fund (PAIF) is launched by transferring existing property portfolios, for example held in life funds, as seed assets. Seeding a PAIF in this way attracts an SDLT charge of 4%, which has been a significant impediment to launching these vehicles in the UK.
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