We very much welcome the government proceeding with tax rules to introduce the RIF and the fact that it will begin legislating through the Spring 2024 Finance Bill.
We share the government’s confidence that “the RIF will be a fund vehicle which serves as a valuable addition to the UK’s fund range” and look forward to our continuing engagement with Government in developing the RIF implementation legislation.
This fund structure has seen particular support amongst our members and in the real estate sector more generally. The RIF is designed to deliver benefits through, for example, attracting pension funds and other productive capital to invest in regenerating town centres and accelerating net zero goals.
Our sector has needed the RIF solution that, while complementing the available open-ended structures, plugs a gap in the UK fund offering and competes with offshore alternatives: a closed-ended or hybrid fund structure that is effectively tax transparent and unit transfers not inhibited by transaction tax.
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You can find more information on our work in this area on our dedicated RIF webpage, here.
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