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.
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.
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