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.
The Association of Real Estate Funds (AREF) has appointed Kames Capital’s Director of Property Investment, David Wise, as its new Chairman. AREF is the representative body for UK unlisted real estate funds with 68 members that have a collective net asset value of circa £40 billion under management.
David Wise joined Kames Capital in October 2007 and is currently responsible for Kames’ direct property investment team and for the four funds the team runs. He will also be in charge of Kames’ new property authorised investment fund which launches in Q1 2014.
FUND MANAGERS FAVOUR ALTERNATIVE PROPERTY SEGMENTS, AREF STATISTICS REVEAL
The Association of Real Estate Funds’ (AREF) Investment Quarterly (IQ)* for the third quarter of 2012 reveals that over the last year balanced fund managers have been reweighting their portfolios to move away from mainstream to more alternative property segments – in particular leisure (either individual assets or parks), hotels, residential, student accommodation, health care and care homes.
The Association of Real Estate Funds (AREF) has voiced strong objections over the indiscriminate nature of the FSA’s proposed restriction on promoting Unregulated Collective Investment Schemes (UCIS).
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